Mid-Cap Altcoin's Positive Outlook by Crypto Trader; Bitcoin, Ethereum, & Solana Updates
Renowned Crypto Trader Highlights Mid-Cap Altcoin with Strong Growth Potential
Altcoin Sherpa, a noted crypto expert with 196,400 followers on platform X, points to a bullish trend for decentralized derivatives exchange, Injective (INJ).
“INJ displays a high timeframe higher low price. This trend appears robust. Blindly buying dips in the upcoming weeks seems promising for this one.”
Based on his analysis, Altcoin Sherpa predicts a bullish trend for INJ, anticipating a retest of resistance levels at $9.88 followed by $14. Currently, Injective is priced at $7.50, marking a 3.3% increase over the past day.
Shifting focus to Bitcoin (BTC) and Ethereum (ETH), the crypto analyst foresees a potential surge for these leading cryptocurrencies, citing historical patterns.
He notes, “In the crypto realm, seasonality plays a pivotal role. Historically, BTC and ETH have exhibited strong performances in Q4 or the start of the subsequent year. This is likely due to the trend of selling off assets in December and repurchasing in January, a phenomenon observed even during pronounced bear markets.”
Analyzing his chart, the trader pinpoints instances where he believes BTC adhered to the seasonal sell-off and rally pattern, with the most recent surges occurring in late 2022 and early 2023.
As of the current writing, Bitcoin is trading at $26,904, representing a 0.7% decline in the past 24 hours.
Additionally, the trader assesses the seasonality of Ethereum, anticipating an impending rally for ETH.
He observes, “ETH exhibits a distinct seasonality as well. The rally may materialize in December, January, or occasionally in November. However, it typically consists of a robust one-month surge, often accompanied by mini altcoin rallies during this period. Personally, I'm planning to go long in November.”
At the time of this writing, Ethereum is trading at $1,666, reflecting a 0.5% increase over the past 24 hours.
Finally, the trader offers insights on Solana, noting that it is currently testing a critical resistance level. However, the outcome of SOL successfully converting this level into support remains uncertain.
“Regarding SOL, I don't consider it an ideal buying point at this juncture. It's retesting the 200-day EMA on the 4-hour chart. Nevertheless, I'm intrigued to observe where the next high will be established. A higher high on the 4-hour chart could signify a potential shift in market structure. I'm keeping a close eye on it, but I'm not enthusiastic just yet.”
Analyzing his chart, the trader envisions a bullish scenario for SOL that could propel it to the $21 range before experiencing a potential downturn. Conversely, in his bearish scenario, SOL might revisit the low $17 range.
As of the current writing, Solana is trading at $20.24, marking a 2.7% increase in the past 24 hours."
Oct 01, 2023
