Experienced crypto analyst and trader The Crypto Dog has noted that the decentralized exchange (DEX) GMX’s native asset GMX has formed a significant uptrend pattern on its weekly price chart. The analyst expects a strong breakout rally for the altcoin and also anticipates rises in Near Protocol (NEAR) and Injective (INJ).
GMX Anticipated to Ignite a Rally Up to 90%
The anonymous crypto analyst The Crypto Dog alerted his followers on social media platform X about a significant uptrend formation on the weekly price chart of GMX, a DEX’s native asset. According to the analyst, if GMX surpasses the resistance level at $56.26, it could rally by 90%:
GMX is on the verge of triggering a massive multi-month inverse head and shoulders pattern. A conservative estimate suggests GMX could target $106.
According to CoinMarketCap data, GMX has risen by 5.23% in the last 24 hours, trading at $58.36.
Attention Also Drawn to NEAR and INJ
Furthermore, The Crypto Dog expects a rise not only in GMX but also in the smart contract platform Near Protocol’s NEAR and another DEX, Injective’s INJ. The analyst sets a target of $7 for NEAR and around $50 for INJ. Providing a general assessment for the three altcoins, the analyst stated:
I’m expecting $7 for NEAR, roughly $50 for INJ, and $62-70 for GMX. I’ll reassess over time if necessary. My NEAR target might not be reached, but I’m hopeful.
The analyst also highlighted that NEAR is likely to continue its ascent after recently retesting its support around $3.6, adding “Yes, it seems to be continuing.”
Current data shows that NEAR and INJ have risen by 10.78% to $4 and by 9.1% to $39.08 respectively in the last 24 hours.
