Altcoin
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.
Captain Faibik, a cryptocurrency analyst, recently tweeted about promising patterns in DOT and INJ. His analysis indicated a potential upside momentum in the coming weeks for both cryptocurrencies.
INJ Bullish Breakout
Injection protocol [INJ] showed a positive development in the 3-day timeframe. Captain Faibik identified a breakout from a falling wedge pattern, followed by a successful retest of the breakout level.
This development is considered a positive signal for traders.
The breakout and retest occurred around the $22.00 level, reinforcing a bullish outlook. The chart below shows higher lows and higher highs, indicating growing investor confidence.
According to Captain Faibik, this scheme could lead to significant price increases for INJ.
Source: X
At press time, New Jersey was trading at $25.59with a 24-hour trading volume of $119,877,482.
This represented a price increase of 3.55% over the last 24 hours, but a price decrease of 5.22% over the last seven days.
DOT Falling Wedge Model
The other side of the coin, Polka dot [DOT] At press time, it was consolidating within a falling wedge pattern, which often signals potential bullish reversals.
Captain Faibik noticed that the converging trend lines on the chart formed the wedge.
Support around $4.00 showed strong buying interest, while resistance near $7.00-$7.50 marked a crucial area to watch.
Therefore, a potential upside for DOT could occur around the $12.00 level.
Source: X
The analyst advised,
“Stock up on it for the midterm exam before it’s too late.”
Meanwhile, the price of Polkadot was trading at $5.8 at press time, with a 24-hour trading volume of $123,787,655. This reflects a 1.41% price increase in 24 hours but a 6.68% price decline 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 trend line of the wedge, which acts as resistance, is located between $7.00 and $7.50.
A break above this resistance zone, confirmed by an increase in trading volume, could validate the bullish pattern. A rally from here could double the current price, with a target of around $12.00.
For traders, monitoring confirmed breakouts is critical. For DOT, this involves watching for a break above the upper trend line with increased volume.
Light Polka dot [DOT] Price forecast 2024-2025
Accumulating DOT at current levels could prove beneficial in the medium term.
INJ’s confirmed retest of the breakout level provides an interesting entry point. Holding INJ could lead to substantial gains if the uptrend continues as expected.