Crypto Analyst Predicts Continued Bullishness for Arbitrum and Injective
A popular crypto strategist, known as Altcoin Sherpa, is forecasting ongoing rallies for layer-2 protocol Arbitrum (ARB) and decentralized derivatives exchange Injective (INJ). According to the analyst, Arbitrum could experience a price increase of more than 23% before its rally subsides. Altcoin Sherpa advises caution at the current resistance level but wouldn’t be surprised if ARB reaches $1.15.
As of now, ARB is trading at $0.93, with a drop of over 3% in the last 24 hours.
Regarding Injective, Altcoin Sherpa believes that the altcoin’s upward trend is not yet finished. However, he predicts a dip to around $7.50 before surging towards his target of $9.40.
Currently, INJ is valued at $7.55, very close to the trader’s anticipated downside target.
As for Bitcoin (BTC), Altcoin Sherpa anticipates that the leading cryptocurrency will test its psychological resistance level at $30,000. While he is bullish on BTC in the short term, he remains uncertain about its larger trend.
At present, BTC is trading at $27,422, with a decrease of over 1% in the past day.
Hot Take: The Path Ahead for Altcoins and Bitcoin
Crypto analyst Altcoin Sherpa has provided insights into the potential future trajectories of Arbitrum, Injective, and Bitcoin. His predictions suggest that ARB and INJ may experience further price increases before tapering off. However, caution is advised due to potential resistance levels. Meanwhile, Bitcoin’s short-term outlook appears positive, with a possible test of $30,000 resistance. Nevertheless, uncertainties remain regarding Bitcoin’s overall trend. Traders and investors should closely monitor these altcoins and Bitcoin as they navigate through their respective price movements.
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