The cryptocurrency market is having a rough week. Just as the bulls cannot gain upward momentum, the bears cannot move further south. In this atmosphere of increasing uncertainty, an analyst with a wide following says that an Ethereum-based altcoin project, which rose 245 percent in 3 months, looks ‘incredibly bullish’ against Bitcoin. Additionally, the analyst explains that he has taken a position in a token that Turkish cryptocurrency investors love.
This altcoin chart has an incredibly bullish structure!
cryptokoin.comAs you can see from , there is a smokescreen in front of the market. Leading cryptocurrency Bitcoin has failed to gain traction after the spot Bitcoin ETF approval. However, the leading altcoin Ethereum performed relatively better. A popular analyst nicknamed The Crypto Dog says he is receiving bullish signals from Ethereum-based Injective. The analyst tells his 750,500 followers on social media platform X that he is bullish on the INJ/BTC trading pair chart. In this context, the analyst said, “There is an incredibly bullish structure.” says.
Looking at its chart, the analyst suggests that INJ/BTC may soon turn a key resistance level into support after failing on two previous attempts in recent days. On October 16, INJ/BTC closed at 0.0002737 BTC ($7.80). It currently stands at 0.0009446 BTC ($40.75), a gain of nearly 245%. The analyst also says that Injective is on the verge of a breakout after a period of consolidation in the high 30s and low 40s range. In this regard, The Crypto Dog makes the following statement for the altcoin:
INJ looks like another winner coming this week. It has been consolidating here for longer than expected, but it’s only a matter of time.
“I took a CHZ position, ready to break the downtrend!”
The analyst also predicts that the trend is about to reverse in fan token venue Chiliz (CHZ). The Crypto Dog said, “I took a CHZ position. It seems ready to break this two-year downward trend. There will be big gains if it breaks. A strong altcoin project. It has unique foundations. I’ve always been a fan. “One of the first to combine the real world and crypto.” says.
Meanwhile, CHZ was trading at $0.1044 at the time of writing, losing approximately 4.16% in the last 24 hours. However, the altcoin saw an increase of over 39% on its weekly chart.
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