A widely followed crypto analyst says an artificial intelligence (AI)-focused altcoin is looking strong, as he updates his views on decentralized finance (DeFi) platform Injective (INJ) and memecoin Pepe (PEPE).
In a new one video updatecrypto trader Jason Pizzino tells his 328,000 YouTube subscribers that while the graphics processing unit (GPU) rendering blockchain Render (RNDR) looks strong against the US dollar, it could still see a price drop.
“Render versus USD had a small reversal – A higher low is still forming and even if this breaks down, it is still in a relatively strong position compared to other cryptocurrencies.”
Render is trading at $8.44 at the time of writing, down 9.16% over the last 24 hours.
Pizzino moves forward with layer-1 blockchain Injective and says he is waiting for a possible reset against crypto king Bitcoin (BTC).
“Injective looks interesting… what I’m looking at here is this potential reset and if you want to play the confirmation I would look for something above the 50% level, it’s on the INJ/BTC chart and the void is of course among these lows”
INJ is trading at $30.55 at the time of writing, down 6% on the day.
Concluding his analysis with the popular meme item Pepe, Pizzino says the frog-themed token shows strength against other memecoins.
“Something else looks relatively strong – again with the meme coin Pepe. I know we checked this yesterday, but you can see that [it] broke higher after the pump and dumps on several other cryptos. This little break higher here could indicate some more strength.”
PEPE is trading at $0.000012 at the time of writing, down 12% over the last 24 hours.
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Generated image: Midjourney