A widely followed crypto trader is predicting that one mid-cap altcoin could double in value after the market downturn.
In a new video strategy session, crypto analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that decentralized derivatives exchange Injective (INJ) could soon increase to $15, based on historical price action.
According to the analyst, INJ may be repeating a pattern from March and June when it dipped as Bitcoin (BTC) also declined but recovered quicker than the king crypto.
“We see that [INJ is] already back towards the pre-dump levels on Friday [August 18th]. So we could be saying that Injective is a signal that the markets are going to have a return of the trend or at least having some momentum, especially since going back towards this [$30,000 BTC] level requires a lot of strength from Bitcoin and I don’t assume that we’re going to get that in one go.
But at least one of the assets that you must be watching in this entire case is Injective. Since March, we’ve had a run from $2.50 to $10. And in June we’ve had it from $5 to $10 as well. So if we get it again, you can start arguing that we’re going to go towards $15.”
INJ closed 2022 at $1.27 and is worth $7.42 at time of writing, an increase of 484%.
Bitcoin is worth $26,095 at time of writing, down 1.4% in the last 24 hours.
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