A Promising Altcoin and its Bullish Pattern
A well-known cryptocurrency trader believes that a mid-cap altcoin project has great growth potential. According to Altcoin Sherpa, a popular crypto analyst on Twitter, Injective (INJ), a decentralized derivatives exchange, is forming a bullish pattern. The trader suggests that INJ is in an uptrend and could retest the resistance levels at $9.88 and $14. This makes it a good opportunity to buy dips in the coming weeks. At the time of writing, INJ is trading at $7.50, showing a 3.3% increase in the last 24 hours.
Bitcoin and Ethereum’s Seasonal Upswing
Altcoin Sherpa also shares insights on Bitcoin (BTC) and Ethereum (ETH). The trader predicts that both cryptocurrencies will experience a significant upswing soon, based on historical patterns. He explains that BTC and ETH traditionally perform well in Q4 or Q1 of the following year due to seasonality factors. The sell-off in December followed by a rebound in January, even during bear markets, contributes to this trend. Looking at his chart, Altcoin Sherpa identifies previous surges in late 2022 and early 2023 following this pattern. Currently, Bitcoin is trading at $26,904 with a 0.7% decrease in the last 24 hours.
Ethereum’s Pronounced Rally
The trader also examines the seasonality of Ethereum and expects an ETH rally in the upcoming months. While the rally can occur in December, January, or even November, it usually lasts for about one month. During these periods, there are often mini altcoin runs as well. Based on his analysis, Altcoin Sherpa plans to invest heavily in Ethereum in November personally. As of now, Ethereum is trading at $1,666, showing a 0.5% increase in the last 24 hours.
Examining Solana’s Key Resistance Level
Lastly, Altcoin Sherpa discusses Solana (SOL) and its retesting of a key resistance level. Although uncertain if SOL will successfully turn this resistance into support, the trader finds it interesting to observe where the next high will be set. A higher high on the 4-hour chart could indicate a market structure shift. The trader’s bullish scenario predicts SOL reaching the $21 range before a dip, while the bearish scenario suggests revisiting the low $17 range. Currently, Solana is trading at $20.24, demonstrating a 2.7% increase in the last 24 hours.
Hot Take: Positive Outlook for INJ and BTC/ETH Seasonality
A popular cryptocurrency trader highlights Injective (INJ) as an altcoin project with significant growth potential. INJ is forming a bullish pattern and may retest resistance levels at $9.88 and $14. This presents an opportunity to buy dips in the coming weeks. Furthermore, Bitcoin (BTC) and Ethereum (ETH) are expected to experience a seasonal upswing soon based on historical patterns. These crypto assets traditionally perform well in Q4 or Q1 of the following year, even during bear markets. Ethereum’s rally is particularly pronounced and usually lasts for about one month, accompanied by mini altcoin runs. Overall, there is optimism surrounding INJ as well as BTC and ETH.
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