A widely followed crypto analyst says an Ethereum (ETH)-based altcoin is showing signs of bullishness against both the US dollar and Bitcoin (BTC).
Pseudonymous crypto analyst Kaleo tells are 590,200 Twitter followers that decentralized derivatives exchange Injective (INJ) appears poised to outperform Bitcoin (INJ/BTC).
According to a chart shared by the analyst, the INJ/BTC pair appears to have successfully retested diagonal resistance as support.
“INJ again shows solid strength vs. BTC. I’ve been here a long time.”
Kale later updates the chart, which states that the INJ/BTC pair could briefly cool off after rallying as high as 0.0003031 BTC ($8.23).
“INJ/BTC with a solid move so far. I wouldn’t be surprised to see a little bit of accumulation here before a sequel moves up.”
Kaleo is also closely monitoring INJ price action against the US dollar.
The popular analyst say that the pair also looks bullish after removing the diagonal resistance and testing it again as support.
“INJ/USD chart looks great too.”
Injective is worth $7.86 at the time of writing, up 7.7% in the past 24 hours.
Injective recently announced a number of new developments in 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 used for a wide variety of cross-chain use cases across the two ecosystems.”
Injective also completed one update to his Avalon mainnet after the proposal was approved by 99.8% of voters in the community.
“The Avalon Mainnet Upgrade is complete to provide you with the most performing Injective infrastructure to date:
- Robust scalability optimizations
- PoS (proof of stake) validation renewed
- Fastest block times on the mainnet.”
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