Ethereum-Based Altcoin That’s Surged 245% in Three Months Looks ‘Incredibly Bullish’ Versus Bitcoin, Says Trader

A closely followed crypto strategist thinks that one Ethereum (ETH)-based altcoin is about to soar against Bitcoin (BTC).

Pseudonymous analyst The Crypto Dog tells his 750,500 followers on the social media platform X that the decentralized exchange protocol Injective (INJ) is looking bullish on the INJ/BTC trading pair chart.

“Incredibly bullish structure.”

Looking at his chart, the trader suggests that INJ/BTC could soon flip a key resistance level into support, after failing to do so on two prior attempts in recent days.

On October 16th INJ/BTC closed at 0.0002737 BTC ($7.80) and is now at 0.0009446 BTC ($40.75), a gain of approximately 245%.

The trader also says that Injective looks like it is on the verge of a breakout after a period of consolidation in the high $30s and low $40s range.

“INJ looks like another winner to come this week. Been consolidating here longer than expected, but it’s been just a matter of time.”

The trader also predicts that the fan engagement token Chiliz (CHZ) is about to undergo a trend reversal.

“I took a CHZ position. Looks ready to break this two-year-long downtrend, big gains to be made if it does. Strong project, unique fundamentals, always been a fan. One of the first to merge the real world with crypto.”

Chiliz is trading for $0.106 at time of writing, up nearly 17% in the last 24 hours.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3