A widely followed analyst believes a decentralized finance (DeFi) altcoin is preparing 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 INJ is on its way to its all-time high (ATH) of $24.89, which it reached in April 2021.
“INJ is small for now, while the rest of the market is slow.
If we get closer to the monthly release, it seems quite likely that it will go to ATH.”
Earlier this month, The Crypto Dog noted that INJ has shown relative strength throughout the year.
“The most attractive mid-cap chart of the entire year in cryptocurrencies. Honestly, I’m a little baffled by how strong it’s stayed. It appears to be on track to surpass ATHs next year.”
Other crypto strategists are also keeping a close eye on INJ. Pseudonymous Altcoin analyst Sherpa tells his 197,200 X followers that while INJ appears bullish, the coin could witness a corrective move as soon as it approaches a key resistance level on the weekly chart.
“INJ: I love INJ, but given the market cap and general resistance area ahead. I’m not going to buy here.
However, it is still one of the strongest currencies in existence.”
Fellow analyst Pentoshi also warns that INJ is trading very close to a strong resistance level of $14.
“I couldn’t justify buying it here. Too close to historically strong resistance. Would you wait for [a move to the] bottom purple box, or a clean claim above [the resistance]. Diddle in the middle is a great way to get rekt, but for those who already are, good job and congratulations.”
At the time of writing, INJ is trading at $13.55.
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source: dailyhodl.com