A closely watched crypto strategist predicts continued rallies for layer-2 protocol Arbitrum (ARB) and decentralized derivatives exchange Injective (INJ).
Pseudonymous analyst Altcoin Sherpa tells his 196,600 followers on social media platform X that Arbitrum could rise more than 23% from current levels before the rally subsides.
“This took forever to materialize and my impatient ass was sold long ago. That said, looks interesting. I would be cautious at this incoming level as it looks like resistance, but I wouldn’t be surprised if it goes to $1.15 before it passes.”
At the time of writing, ARB is trading at $0.93, down over 3% in the last 24 hours.
Looking at Injective, Altcoin Sherpa says the altcoin’s uptrend is likely not over yet. However, he sees the altcoin taking a dip to around $7.50 before rising towards his $9.40 target.
“INJ: Buying a dip like that would be nice.”
At the time of writing, INJ is worth $7.55, which is very close to the trader’s downside target.
As for Bitcoin (BTC), the trader believes that the crypto king is likely on his way to test his psychological resistance at $30,000. While Altcoin Sherpa is bullish on BTC in the short term, he notes that he is still unsure about Bitcoin’s larger trend.
“There is certainly another $30,000 test in the pipeline, but we’ll see. Overall, I’m mostly focusing on a few altcoins, but I’ll be keeping a close eye on BTC. For me there is still no clear trend.”
At the time of writing, BTC is trading at $27,422, down more than 1% in the past day.
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Generated image: Midjourney