Cryptocurrency analyst and strategist Rekt Capital predicts that Layer-1 project Injective (INJ) and the rest of the altcoin market may soon enter an uptrend.

Taurus Signs for Injective (INJ)

Rekt Capital noted that INJ has formed a large falling wedge formation on its weekly chart. This formation is considered a bullish reversal signal, indicating that selling pressure is decreasing and buyers are slowing the price decline:

Injective has been developing this channel for months. A weekly close above the light blue diagonal resistance could be enough to start a new uptrend. INJ will move as close to the top of this structure as possible to prepare for a breakout.

As of writing, INJ is trading at $18.63, down over 5 percent in the last 24 hours.

Dogecoin (DOGE) Retests Support Levels

The analyst believes that the popular memecoin Dogecoin (DOGE) continues to turn the long-term diagonal resistance into support. Rekt Capital noted that DOGE has been undergoing a retest following the macro downtrend since breaking out of the macro downtrend. “DOGE has been undergoing a retest following the macro downtrend since breaking out of the macro downtrend (blue). A successful retest would confirm a new macro uptrend,” Rekt Capital said.

At the time of writing, DOGE is trading at $0.101, down over 4 percent on the day.

Promising Developments in the Altcoin Market

Rekt Capital stated that many altcoins in the altcoin market in general are showing bullish divergence, which may indicate the beginning of a new uptrend, and said:

The bullish divergence developing across many altcoins gives reason to believe that the altcoin market could be on the verge of something special. However, special things take time.

A bullish divergence is a reversal signal that indicates an asset is gaining momentum despite being trading low or sideways.

Rekt Capital’s analysis shows that major altcoins like Injective and Dogecoin could potentially rise. In particular, the bullish divergence observed in the altcoin market could be important signs for investors to pay attention to in the coming periods.

  • Rekt Capital predicts an uptrend in Injective (INJ).

  • Dogecoin (DOGE)'s transformation from resistance to support continues.

  • According to the analyst, the altcoin market may be on the verge of a new uptrend.