A crypto strategist believes an altcoin flying under the radar is gearing up for a major breakout.
Pseudonymous analyst The Crypto Dog tells his 755,600 followers on social media platform forms a huge bullish pattern on the weekly chart.
According to the crypto strategist, GMX could witness a nearly 90% rally if it clears its immediate resistance at $56.26.
“GMX paints a massive multi-month reverse head and shoulders… The metric gives a target of $106 for GMX.”
At the time of writing, GMX is trading at $56.56, slightly above the trader resistance level.
In addition to GMX, this is also The Crypto Dog optimistic on the smart contract platform Near (NEAR) and the DEX Injective (INJ).
“I’d like to see $7+ on NEAR, ~$50 on $INJ and $62-70 on GMX.
Will re-evaluate in time if necessary.
NEAR and INJ may not be able to be held at all. I’m not sure if we’ll get any shape from here or not, but the entries looked good.
However, GMX looks very strong.”
Taking a closer look at NEAR, the analyst believes it is poised for a bullish continuation after a retest of $3.60 as support.
“Yes, this seems like a continuation.”
At the time of writing, NEAR is worth $3.74, while INJ is trading at $36.04.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney