A widely followed crypto analyst says that one Ethereum (ETH)-based altcoin is flashing signs of bullishness against both the US dollar and Bitcoin (BTC).
Pseudonymous crypto analyst Kaleo tells his 590,200 Twitter followers that the decentralized derivatives exchange Injective (INJ) looks poised to outperform Bitcoin (INJ/BTC).
According to a chart shared by the analyst, the INJ/BTC pair appears to have successfully retested a diagonal resistance as support.
“INJ is showing solid strength vs. BTC again. I’m long here.”
Kaleo later updates the chart, saying that the INJ/BTC pair could briefly cool off after rallying to as high as 0.0003031 BTC ($8.23).
“INJ / BTC with a solid move so far. Wouldn’t be surprised to see a bit of accumulation here before a continuation higher.”
Kaleo is also keeping a close watch on INJ’s price action against the US dollar.
The popular analyst says that the pair also looks bullish after taking out its diagonal resistance and retesting it as support.
“INJ / USD chart looks great as well.”
Injective is worth $7.86 at time of writing, up 7.7% during the last 24 hours.
Injective has recently announced a number of new developments to its ecosystem, including the integration with the blockchain-scaling solution Polygon (MATIC).
“Injective launches a groundbreaking integration with [Polygon Labs] to enable true DeFi (decentralized finance) composability. For the first time, native assets from Polygon and Injective can be utilized for a diverse array of cross-chain use cases within the two ecosystems.”
Injective also completed an upgrade to its Avalon mainnet after the proposal was approved by 99.8% of the community voters.
“The Avalon Mainnet Upgrade is complete to bring you the most performant Injective infrastructure to date:
- Robust scalability optimizations
- PoS (proof of stake) validation revamp
- Fastest block times on mainnet.”
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Source: https://dailyhodl.com/2023/06/03/popular-crypto-analyst-bullish-on-one-ethereum-based-altcoin-says-its-showing-solid-strength/