A popular cryptocurrency trader believes that one mid-cap altcoin project is showing high growth potential.
Pseudonymous crypto analyst Altcoin Sherpa tells his 196,400 followers on the social media platform X that decentralized derivatives exchange Injective (INJ) is forming a bullish pattern.
“INJ: high timeframe higher low [price] is here. This looks very healthy.
I think this is one of the few where you’ll be able to blindly buy dips for in the coming weeks.”
Looking at his chart, the trader seems to think that INJ is in an uptrend and can eventually retest the resistance level at $9.88 first and then $14.
Injective is trading for $7.50 at time of writing, up 3.3% in the last 24 hours.
The trader also weighs in on Bitcoin (BTC) and Ethereum (ETH), predicting the largest crypto assets will likely soon see a significant upswing based on a historical pattern.
“Seasonality is really important to look for in crypto. BTC and ETH traditionally do extremely well sometime in Q4 or Q1 the following year.
It makes sense, people sell their stuff in December and then rebuy it in January. This happens even in the worst bear markets.”
Looking at his chart, the trader identifies the times when he believes BTC followed the seasonal sell-off and rally pattern with the last two surges occurring in late 2022 and early 2023.
Bitcoin is trading for $26,904 at time of writing, down 0.7% in the last 24 hours.
The trader is also looking at the seasonality of Ethereum, predicting an ETH rally in the coming months.
“ETH is reall
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Author: Daily Hodl Staff
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