A Crypto Strategist Predicts a Breakout Rally for a Decentralized Exchange Crypto
A crypto strategist believes that there is an altcoin that is about to experience a significant surge. The analyst, known as The Crypto Dog, shares on the social media platform X that the native asset of the decentralized exchange (DEX) GMX is forming a bullish pattern on the weekly chart. If GMX manages to surpass its immediate resistance at $56.26, it could potentially rally by almost 90%. The analyst mentions that GMX has a target of $106 based on the measure rule for its massive inverse head and shoulders pattern. Currently, GMX is trading slightly above the resistance level at $56.56.
Bullish Sentiment Towards Other Cryptocurrencies
The Crypto Dog also expresses bullish sentiment towards other cryptocurrencies. They are optimistic about the smart contract platform Near (NEAR), expecting it to reach $7 or higher. Additionally, they have positive expectations for the DEX Injective (INJ), with a target price of approximately $50. However, they mention that they may reevaluate their positions in NEAR and INJ in the future. The analyst believes that NEAR is ready for bullish continuation after testing $3.60 as support.
Current Prices
At the time of writing, NEAR is valued at $3.74, while INJ is trading at $36.04.
Hot Take: A Potential Breakout Opportunity in the Altcoin Market
A crypto strategist known as The Crypto Dog has identified an altcoin that could be on the verge of a breakout rally. They believe that GMX, the native asset of a decentralized exchange, is forming a bullish pattern and could see a significant surge if it surpasses its immediate resistance. The strategist is also optimistic about other cryptocurrencies, including Near and Injective. This analysis highlights the potential opportunities for traders in the altcoin market and suggests that there may be strong bullish trends ahead.
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