A widely followed crypto analyst says that one Ethereum (ETH)-based altcoin is flashing signs of bullishness against both the US dollar and Bitcoin ($BTC).
Pseudonymous crypto analyst Kaleo tells his 590,200 Twitter followers that the decentralized derivatives exchange Injective ($INJ) looks poised to outperform Bitcoin ($INJ/$BTC).
According to a chart shared by the analyst, the $INJ/$BTC pair appears to have successfully retested a diagonal resistance as support.
“$INJ is showing solid strength vs. $BTC again. I’m long here.”
Kaleo later updates the chart, saying that the $INJ/$BTC pair could briefly cool off after rallying to as high as 0.0003031 $BTC ($8.23).
“$INJ / $BTC with a solid move so far. Wouldn’t be surprised to see a bit of accumulation here before a continuation higher.”
Kaleo is also keeping a close watch on $INJ’s price action against the US dollar.
The popular analyst says that the pair also looks bullish after taking out its diagonal resistance and retesting it as support.
“$INJ / USD chart looks great as well.”
Injective is worth $7.86 at time of writing, up 7.7% during the last 24 hours.
Injective has recently announced a number of new developments to its ecosystem, including the integration with the blockchain-scaling solution Polygon (MATIC).
“Injective launches a groundbreaking integration with [Polygon Labs] to enable true DeFi (decentralized finance) composability. For the first time, native assets from Polygon and Injective can be utilized for a diverse array of cross-chain use cases within the two ecosystems.”
Injective also completed an upgrade to its Avalon mainnet after the proposal was approved by 99.8% of the community voters.
“The Avalon Mainnet Upgrade is complete to bring you the most performant Injective infrastructure to date:
- Robust scalability optimizations
- PoS (proof of stake) validation revamp
- Fastest block times on mainnet.”
Generated Image: Midjourney
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