A popular cryptocurrency trader believes that a mid-cap altcoin project shows high growth potential.
Pseudonymous Crypto Analyst Altcoin Sherpa says With its 196,400 followers on the X social media platform, decentralized derivatives exchange Injective (INJ) is forming a bullish pattern.
“INJ: maximum maximum minimum term [price] it’s here. This seems very healthy.
“I think this is one of the few where you’ll be able to blindly buy the dips in the coming weeks.”
Source: Altcoin Sherpa/X
Looking at its chart, the trader seems to think that INJ is in an uptrend and may eventually retest the resistance level at first $9.88 and then at $14.
Injective is trading at $7.50 at the time of writing, up 3.3% in the last 24 hours.
The merchant also weight In Bitcoin (BTC) and Ethereum (ETH), the prediction that the largest crypto assets will likely soon see a significant rally based on a historical pattern.
“It is very important to look for seasonality in cryptocurrencies. BTC and ETH traditionally do very well sometime in the fourth or first quarter of the following year.
It makes sense, people sell their stuff in December and then buy it again in January. This happens even in the worst bear markets.”
Source: Altcoin Sherpa/X
By looking at his chart, the trader identifies the times when he believes BTC followed the seasonal pattern of liquidation and recovery, with the last two increases occurring in late 2022 and early 2023.
Bitcoin is trading at $26,904 at the time of writing, down 0.7% in the last 24 hours.
The trader is also watching the seasonality of Ethereum. predicting an ETH rally in the coming months.
“ETH is also very pronounced. Sometimes the rebound occurs in December, sometimes in January… sometimes in November.
But usually, it is a strong rally that lasts about a month and we have some mini altcoin runs during those times. Personally, I will be looking forward to November very much.”
Ethereum is trading at $1,666 at the time of writing, up 0.5% in the last 24 hours.
Finally, the merchant says Solana is retesting a key resistance level, but it is still unclear if SOL will manage to convert it into support.
“SOL: in my opinion, it is not a good place to shop here, [retesting] the 200 day EMA (exponential moving average) on the 4-hour chart [chart], but I think it will be really interesting to see where the next high sets. There could be a change in the market structure if we make a higher high on the 4-hour chart. [chart]. Watching but not excited yet.”
Based on his chart, the trader seems to think that a bullish scenario would send SOL to the $21 range before a drop, while his bearish scenario would send SOL back to the low $17 range.
Solana is trading at $20.24 at the time of writing, up 2.7% in the last 24 hours.
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source: dailyhodl.com
This news is republished from another source.
