Crypto analyst and strategist Rekt Capital forecasts that the Layer-1 project Injective (INJ) and the broader altcoin market may soon enter a bullish trend. This optimism stems from recent market movements and technical indicators suggesting that the market is preparing for an upward shift.
Bullish Signs for Injective (INJ)
Rekt Capital noted that INJ has formed a significant descending wedge pattern on its weekly chart. This formation is considered a bullish reversal signal, indicating a decrease in selling pressure and that buyers are slowing down price declines. Quote: "Injective has been developing within this channel for months. A weekly close above the light blue diagonal resistance could be sufficient to initiate a new bullish trend. INJ will likely move as close as possible to the peak of this structure in preparation for a breakout." - Rekt Capital. At the time of writing, INJ is trading at $18.63, down over 5% in the last 24 hours.
Reassessment of Dogecoin (DOGE) Support Levels
The analyst believes that the popular meme coin Dogecoin (DOGE) has been consistently converting long-term diagonal resistance into support. Rekt Capital mentioned that DOGE has undergone a re-testing phase following its break from a macro downtrend. He stated, "Since DOGE broke the macro downtrend (blue), it has been re-testing this downturn. A successful re-test would confirm a new macro bullish trend." Currently, DOGE is trading at $0.101, also down more than 4% for the day.
Conclusion
Rekt Capital’s analysis indicates that significant altcoins such as Injective and Dogecoin have potential for upward movement. The observed bullish divergences in the altcoin market may serve as critical signs for investors to monitor in the upcoming periods.
Analysts' forecasts underline the potential growth in the altcoin market, including projects like Injective and Dogecoin. Pay close attention to market movements and technical indicators that may confirm these optimistic predictions.
Comments