- Analyst Captain Faibik has identified bullish breakout patterns for DOT and INJ.
- The altcoins have potential targets of $12 and $65, respectively.
Captain Faibik, a crypto analyst, recently tweeted about promising patterns in DOT and INJ. His analysis indicated potential upward momentum in the coming weeks for both cryptocurrencies.
INJ’s bullish breakout
Injective Protocol [INJ] has shown a positive development on 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 mark, reinforcing a bullish outlook. The chart below shows higher lows and higher highs, indicating growing investor confidence.
Per Captain Faibik, this pattern could lead to significant price increases for INJ.
Source: X
As of press time, NJ traded at $25.59, with a 24-hour trading volume of $119,877,482.
This represented a 3.55% price increase in the last 24 hours but a 5.22% price decline over the past seven days.
DOT’s falling wedge pattern
On the flip side, Polkadot [DOT] was consolidating within a falling wedge pattern at press time, which often signals potential bullish reversals.
Captain Faibik noted that the chart’s converging trendlines formed the wedge.
Support around $4.00 has demonstrated strong buying interest, while resistance near $7.00 to $7.50 marked a crucial zone to watch.
Thus, a potential breakout for DOT could be around the $12.00 mark.
Source: X
The analyst advised,
“Accumulate it for the midterm before it’s too late.”
Meanwhile, the price of Polkadot traded at $5.8 at press time, with a 24-hour trading volume of $123,787,655. This reflected 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 trendline of the wedge, acting as resistance, lies between $7.00 and $7.50.
A breakout above this resistance zone, confirmed by increased 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 for confirmed breakouts is crucial. For DOT, this involves watching for a break above the upper trendline with increased volume.
Read Polkadot [DOT] Price Prediction 2024-2025
Accumulating DOT at current levels could be advantageous for the midterm.
INJ’s confirmed retest of the breakout level provides an attractive entry point. Holding INJ might lead to substantial gains if the bullish trend continues as expected.
Credit: Source link