The seasoned crypto analyst and trader, The Crypto Dog, has identified a significant bullish pattern in the weekly chart of GMX, the native asset of the decentralized exchange (DEX) GMX. The analyst anticipates a strong breakout rally for the altcoin and also expects upward movements for Near Protocol (NEAR) and Injective (INJ).
In a social media post, The Crypto Dog pointed out to followers that GMX, if it surpasses the resistance level of $56.26, could potentially rally by 90%, targeting a price of $106. This analysis is based on a large multi-month inverse head and shoulders formation on GMX’s chart.
According to CoinMarketCap, GMX has seen a 5.23% increase over the last 24 hours, trading at $58.36. This recent surge aligns with the analyst’s bullish outlook for the cryptocurrency.
The Crypto Dog also drew attention to NEAR and INJ, the native tokens of smart contract platform Near Protocol and another DEX, Injective, respectively. The analyst has set price targets of $7 for NEAR and approximately $50 for INJ, while also providing a general assessment for all three altcoins.
The analyst remains hopeful for NEAR to reach its target, even after a recent retest of its support around $3.6, suggesting that the uptrend for NEAR is likely to continue. This sentiment is supported by the current market data showing NEAR and INJ experiencing rises of 10.78% and 9.1% in the last 24 hours, trading at $4 and $39.08 respectively.