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Analyst Captain Faibik has identified bullish breakout patterns for DOT and INJ.
The altcoins have potential targets of $12 and $65, respectively.
As a seasoned crypto investor with over five years of experience in the market, I have learned to trust the insights of reputable analysts like Captain Faibik. His recent analysis of DOT and INJ caught my attention due to his impressive track record and well-researched findings.
✏️ As a seasoned crypto enthusiast, I’ve been keeping a close eye on Captain Faibik’s latest insights. In his recent tweet, he highlighted some intriguing trends in DOT and INJ. His analysis suggests that these two cryptocurrencies might be gearing up for an upward surge in the near future.
INJ’s bullish breakout
1. The Injective Protocol (INJ) has exhibited encouraging growth over the past three days. Commander Faibik noted a breach from a contracting falling wedge formation, which was subsequently validated by a successful re-test of the breakout point.
This development is considered a positive signal for traders.
1. Around the $22.00 level, we witnessed a surge followed by a retreat, which strengthens a positive investment perspective.
Per Captain Faibik, this pattern could lead to significant price increases for INJ.
As of press time, NJ traded at $25.59, with a 24-hour trading volume of $119,877,482.
In the previous day, there was a 3.55% rise in prices, whereas over the last week, there was a decrease of 5.22%.
DOT’s falling wedge pattern
In contrast, at the moment, Polkadot [DOT] appears to be gathering strength inside a falling wedge formation, which typically suggests impending bullish turnarounds.
Captain Faibik noted that the chart’s converging trendlines formed the wedge.
As a researcher, I’ve observed notable purchasing activity around the $4.00 mark. Conversely, the price range between $7.00 and $7.50 serves as a significant area of resistance that warrants close attention.
Thus, a potential breakout for DOT could be around the $12.00 mark.
The analyst advised,
“Accumulate it for the midterm before it’s too late.”
Currently, Polkadot is being traded at approximately $5.8 per unit. In the last 24 hours, its trading volume amounts to around $123,787,655. This translates to a 1.41% price increase within that period. However, over the past week, its price has dropped by 6.68%.
Key levels for DOT, INJ
1) For DOT, the support at approximately $4.00 shows robustness, indicating that buyers remain active in this region. Meanwhile, an upper trendline within a wedge formation serves as resistance, with levels ranging from $7.00 to $7.50.
If we observe a surge past the current resistance level, accompanied by heightened trading activity, it may serve as evidence supporting the bullish trend. Subsequently, there is potential for prices to nearly double, reaching approximately $12.00.
Traders need to keep a close eye out for confirmed breakouts when it comes to trading DOT. This means looking for the price to surge past the upper trendline, accompanied by a notable increase in trading volume.
Read Polkadot [DOT] Price Prediction 2024-2025
Accumulating DOT at current levels could be advantageous for the midterm.
Testing the breakout point by INJ once more offers a potentially profitable entry opportunity. Should the anticipated bullish trend persist, holding onto INJ could result in significant returns.
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2024-07-30 05:12