Captain Faibik, a crypto analyst, tweeted about the promising patterns in the DOT and INJ markets. These patterns suggest possible upward momentum in the coming weeks.
INJ has broken out of a bullish pattern signalling potential for gains soon. Meanwhile, DOT has consolidated in a similar pattern with the analyst predicting potential for gains if it breaks out.
What you'll learn 👉
DOT Consolidates in Falling Wedge
Captain Faibik’s analysis reveals DOT consolidating within a falling wedge pattern. This formation often precedes bullish reversals in technical analysis. The chart shows DOT’s price movement on the daily timeframe, with converging trendlines indicating the wedge pattern.
“$DOT is Consolidating within a falling Wedge Pattern. Accumulate it for the midterm before it’s too late,” Captain Faibik tweeted. The analyst expects a 2x bullish rally after the wedge breakout.
Key Levels to Watch
The chart analysis highlights critical price levels for DOT. Support around $4.00 has proven resilient, suggesting strong buying interest at this level. The upper trendline of the wedge, near $7.00 to $7.50, acts as a resistance zone.
Captain Faibik projects a breakout target of approximately $12.00 for DOT. This target represents a potential doubling from current levels. Traders are advised to watch for a confirmed breakout above the upper trendline with increased volume.
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INJ Breaks Out of Falling Wedge
Turning to Injective Protocol, Captain Faibik notes a bullish development on the 3-day timeframe. INJ has broken out of its falling wedge pattern and successfully retested the breakout level. This price action is considered a strong bullish signal by technical analysts.
“$INJ Falling Wedge upside Breakout and Retest Confirmed on the 3-day timeframe chart. Looks extremely Bullish for the Midterm,” Captain Faibik tweeted. The successful retest of the breakout level around $22.00 has reinforced the bullish outlook.
INJ’s Upside Potential
The INJ chart shows a clear shift in momentum following the wedge breakout. Higher lows and higher highs indicate growing bullish sentiment. Captain Faibik’s analysis points to a potential target of around $65.00 for INJ.
This projected target suggests an upside potential for INJ holders. The confirmed retest of the breakout level offers an attractive entry point for traders.
Captain Faibik’s technical analysis highlights bullish setups for both DOT and INJ. The falling wedge patterns and subsequent price actions suggest potential rallies in the midterm.
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