Crypto Analyst Sees Bullish Continuation for Arbitrum and Injective, Calls for Bitcoin To Move Higher

A closely followed crypto strategist is predicting sustained rallies for layer-2 protocol Arbitrum (ARB) and decentralized derivatives exchange Injective (INJ).

Pseudonymous analyst Altcoin Sherpa tells his 196,600 followers on the social media platform X that Arbitrum could rise by over 23% from current levels before its rally tapers off.

“This one took forever to materialize and my impatient ass sold long ago. That said, looks interesting. Would be cautious at this incoming level as it looks like resistance but wouldn’t be surprised to see it go to $1.15 before its done.” 

Source: Altcoin Sherpa/X

At time of writing, ARB is trading for $0.93, down over 3% in the last 24 hours.

Looking at Injective, Altcoin Sherpa says that the altcoin’s uptrend is likely not yet over. However, he sees the altcoin taking a dip to around $7.50 before surging toward his target at $9.40.

“INJ: buying a dip like this would be nice.”

Source: Altcoin Sherpa/X

At time of writing, INJ is worth $7.55, very close to the trader’s downside target.

As for Bitcoin (BTC), the trader believes that the crypto king is likely headed to test its psychological resistance at $30,000. Although Altcoin Sherpa is bullish on BTC in the short term, he notes that he is still uncertain of Bitcoin’s larger trend.

“Another test of $30,000 is definitely in the cards, but we’ll see. Overall, I’m mostly just focused on some altcoins but will be observing BTC closely. Still really no clear trend to me.”

At time of writing, BTC is trading for $27,422, down over 1% in the past day.

See also  Classic Bitcoin Indicator Suggests 2024 Bull Run, Says Trader Who Called May 2021 Collapse

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