A trader who accurately named Bitcoin’s (BTC) market bottom for 2018 is predicting new all-time highs for one decentralized exchange (DEX) altcoin.
Pseudonymous analyst Bluntz tells his 234,000 followers on social media platform X that a bullish divergence just appeared on the four-hour chart of Injective (INJ).
Traders often keep a close eye on bullish divergences as they can signal the end of a corrective move.
Bluntz shares a chart suggesting INJ could recover to an all-time high of $47.
“INJ is something I’ve been dealing with for a while, but it just kept going up.
It ended up having a dip of almost 25% and got a nice four-hour confirmed bull divergence here.”
At the time of writing, INJ is trading at $36.30, down more than 2% in the past day.
Bluntz is also monitoring the price action of four layer 1 crypto projects and thinks their own assets are primed for it to light the next leg up.
“All the tier-1s look like they’re heating up again.
SOL, AVAX, SEI, SUI.”
Taking a closer look at Sui (SUI), the analyst predicts that the altcoin could rise by more than 28% from current prices.
“SUI is preparing for the next leg to $1 and above, this is a good dip to last in my opinion.”
At the time of writing, SUI is worth $0.78.
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Featured image: Shutterstock/Sensvector/Philipp Tur