Cryptocurrency analyst and strategist Rekt Capital predicts that Layer-1 project Injective (INJ) and the rest of the altcoin market may soon enter an uptrend.
Taurus Signs for Injective (INJ)
Rekt Capital noted that INJ has formed a large falling wedge formation on its weekly chart. This formation is considered a bullish reversal signal, indicating that selling pressure is decreasing and buyers are slowing the price decline:
Injective has been developing this channel for months. A weekly close above the light blue diagonal resistance could be enough to start a new uptrend. INJ will move as close to the top of this structure as possible to prepare for a breakout.
As of writing, INJ is trading at $18.63, down over 5 percent in the last 24 hours.
Dogecoin (DOGE) Retests Support Levels
Analyst, popular memecoin Dogecoin $0.102573He believes that (DOGE) continues to turn the long-term diagonal resistance into support. Rekt Capital noted that DOGE has been in a retesting phase since breaking the macro downtrend. “DOGE has been in a retesting phase since breaking the macro downtrend (blue). A successful retest would confirm a new macro uptrend,” Rekt Capital said.
At the time of writing, DOGE is trading at $0.101, down over 4 percent on the day.
Promising Developments in the Altcoin Market
Rekt Capital stated that many altcoins in the altcoin market in general are showing bullish divergence, which may indicate the beginning of a new uptrend, and said:
The bullish divergence developing across many altcoins gives reason to believe that the altcoin market could be on the verge of something special. However, special things take time.
A bullish divergence is a reversal signal that indicates an asset is gaining momentum despite being trading low or sideways.
Rekt Capital’s analysis shows that major altcoins like Injective and Dogecoin could potentially rise. In particular, the bullish divergence observed in the altcoin market could be important signs for investors to pay attention to in the coming periods.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
