A widely followed analyst thinks a decentralized finance (DeFi) altcoin is gearing up to outperform the broader crypto markets.
The pseudonymous trader known in the industry as The Crypto Dog tells his 742,700 followers on social media platform X that he is bullish on decentralized derivatives exchange Injective (INJ).
The crypto strategist believes that INJ is heading towards its all-time high (ATH) of $24.89, which it reached in April 2021.
“INJ is a small pop for now, while the rest of the market is sluggish.
Zoom out to the monthly magazine and it looks quite likely that this will go to ATHs.’
Earlier this month, The Crypto Dog noted that INJ has shown relative strength throughout the year.
“The best looking midcap chart in crypto all year round. I’m honestly a little stunned at how strongly it’s holding up. It looks like we will break ATHs in the coming year.”
Other crypto strategists are also keeping a close eye on INJ. Pseudonymous analyst Altcoin Sherpa tells his 197,200 X followers that while INJ looks bullish, the coin may see a corrective move once it approaches a key resistance level on the weekly chart.
“INJ: I like INJ, but given the market cap and given the general resistance area coming up. I’m not going to buy here.
Still one of the strongest coins out there.”
Fellow analyst Pentoshi also warns that INJ is trading very close to a strong resistance level at $14.
“I couldn’t justify buying it here. Too close to historically strong resistance. Would wait for it [a move to the] bottom purple box, or a clean recovery above [the resistance]. Diddle in the middle is a great way to get a stretch, but for those already participating, well done and congratulations.”
At the time of writing, INJ is trading at $13.55.
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Generated image: Midjourney