Within the dynamics of the cryptocurrency market, investors and analysts are constantly trying to predict future crypto asset performance. Recently, a notable crypto strategist, “The Crypto Dog,” believes that an Ethereum (ETH)-based altcoin has the potential to gain strength against Bitcoin (BTC). This prediction is based on the positive developments observed on the INJ/BTC trading pair chart of the decentralized exchange protocol Injective (INJ).
The Crypto Dog says the INJ/BTC chart exhibits an “incredibly bullish structure.” stated. The crypto analyst suggests that INJ/BTC could break a key resistance level into support in the near future, despite two previous failed attempts in recent days. This evaluation is made based on specific patterns and technical indicators on the chart. According to the analyst, these positive developments, which have the potential for the altcoin to gain value against Bitcoin, may become more evident in the near future.
On October 16, INJ/BTC closed at 0.0002737 BTC ($7.80) and is currently at 0.0009446 BTC ($40.75), a gain of nearly 245%.
Additionally, the altcoin Injective appears to be on the verge of a breakout after a period of consolidation between the $30 and $40 range, according to the analyst.
“INJ looks like another winner this week. “We’ve been consolidating here for longer than expected, but it’s only a matter of time.”
The trader also claims that a different altcoin, Chiliz (CHZ), is about to reverse the trend.
“I took a CHZ position. It looks poised to break this two-year downward trend, and if that happens, there will be huge gains. Strong project, unique foundations, always admired. “One of the first companies to combine the real world with crypto.”
You can follow the current price movement here.