Trader Predicts Breakout Rally for Decentralized Exchange Crypto, Says Altcoin Looks Very Strong
A crypto strategist believes that one altcoin that’s flying under the radar is gearing up for a big breakout surge.
Pseudonymous analyst The Crypto Dog tells his 755,600 followers on the social media platform X that the native asset of the decentralized exchange (DEX) GMX (GMX) is forming a huge bullish pattern on the weekly chart.
According to the crypto strategist, GMX could witness a nearly 90% rally if it takes out its immediate resistance at $56.26.
“GMX painting a massive multimonth inverse head and shoulders… Measure rule gives a target of $106 for GMX.”
At time of writing, GMX is trading for $56.56, slightly above the trader’s resistance level.
In addition to GMX, The Crypto Dog is also bullish 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 reevaluate in time if needed.
Might not be able to hold NEAR and INJ at all. Not sure if we shape up from here or not, but the entries looked good.
GMX looks very strong though.”
Looking closer at NEAR, the analyst thinks that it is primed for bullish continuation after retesting $3.60 as support.
“Ye this looks like continuation.”
At time of writing, NEAR is worth $3.74 while INJ is trading for $36.04.
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Author: Henry Kanapi
