dailyhodl.com
A widely followed analyst thinks that one decentralized finance (DeFi) altcoin is gearing up to outpace the broader crypto markets.
The pseudonymous trader known in the industry as The Crypto Dog tells his 742,700 followers on the social media platform X that he’s bullish on the decentralized derivatives exchange Injective (INJ).
The crypto strategist believes that INJ is en route to its all-time high (ATH) of $24.89, which it hit in April 2021.
“INJ small pop for now while the rest of the market is sluggish.
Zoom out to the monthly on this one and it looks pretty likely this is going to ATHs.”
Earlier this month, The Crypto Dog noted that INJ has been flashing relative strength throughout the whole year.
“The best-looking mid-cap chart in crypto all year. I’m honestly a little baffled at how strong it’s been holding up. Looks on track to break ATHs in the coming year.”
Other crypto strategists are also keeping a close watch on INJ. Pseudonymous analyst Altcoin Sherpa tells his 197,200 X followers that while INJ looks bullish, the coin might witness a corrective move soon as it approaches a key resistance level on the weekly chart.
“INJ: I love INJ but given the market cap and given the overall resistance area coming up. I am not going to be buying here.
Still one of the strongest coins out there though.”
Fellow analyst Pentoshi is also warning that INJ is trading very close to a strong resistance level at $14.
“I couldn’t justify buying it here. Too close to a historically strong resistance. Would either wait for [a move to the] lower purple box, or a clean reclaim above [the resistance]. Diddle in the middle is a great way to get rekt, but for those already in, good job and congrats.”
At time of writing, INJ is trading for $13.55.
Generated Image: Midjourney