Altcoins
Crypto Analyst Predicts Explosive Gains for DOT, INJ After Key Breakouts
- Analyst Captain Faibik has identified bullish breakout patterns for DOT and INJ.
- Altcoins have potential targets of $12 and $65, respectively.
Cryptocurrency analyst Captain Faibik recently tweeted about promising trends in DOT and INJ. His analysis indicated potential upward momentum in the coming weeks for both cryptocurrencies.
The bullish breakout of the INJ
Injection protocol [INJ] showed positive development over the 3-day time frame. Captain Faibik identified a breakout of a descending wedge pattern, followed by a successful retest of the breakout level.
This development is seen as a positive signal for traders.
The breakout and retest took place around the $22.00 mark, reinforcing the bullish outlook. The chart below shows higher lows and higher highs, indicating growing investor confidence.
According to Captain Faibik, this model could lead to significant price increases for INJ.
Source: X
At press time, NJ was trading at $25.59with a 24-hour trading volume of $119,877,482.
This represents a price increase of 3.55% over the past 24 hours, but a price decrease of 5.22% over the past seven days.
DOT Falling Wedge Pattern
On another side, Peas [DOT] was consolidating in a falling wedge pattern at press time, which often signals potential bullish reversals.
Captain Faibik note that the converging trendlines of the chart formed the wedge.
Support around $4.00 demonstrated strong buying interest, while resistance near $7.00 to $7.50 marked a crucial area to watch.
Thus, a potential breakout for DOT could be around the $12.00 mark.
Source: X
The analyst advised,
“Save them for midterms before it’s too late.”
Meanwhile, Polkadot price was trading at $5.8 At press time, the 24-hour trading volume stood at $123,787,655. This reflects a 1.41% price increase in 24 hours, but a 6.68% price decrease over the past seven days.
Key levels for DOT, INJ
The support level around $4.00 has proven resilient for DOT, suggesting that buyers are active at this point. The upper trendline of the wedge, acting as resistance, lies between $7.00 and $7.50.
A break above this resistance zone, confirmed by an increase in trading volume, could validate the uptrend. A rally from there could double the current price, with a target of around $12.00.
For traders, it is essential to watch for confirmed breakouts. For DOT, this means watching for a break above the upper trendline with increased volume.
Read Peas [DOT] Price forecast 2024-2025
DOT accumulation at current levels could be advantageous for mid-term elections.
The confirmed retest of the breakout level by INJ offers an interesting entry point. Holding the INJ could lead to substantial gains if the uptrend continues as expected.