Crypto analyst Altcoin Sherpa sheds light on the current status of two prominent members of the crypto market as October enters, which is considered a bullish month and referred to as Uptober. The analyst predicts a rally for Layer 2 protocol Arbitrum (ARB) and decentralized derivatives exchange Injective (INJ). Altcoin Sherpa also evaluates the current outlook for Bitcoin (BTC).
Anonymous crypto analyst Altcoin Sherpa, from his personal X account, stated that Arbitrum could rise over 23% from current levels before losing momentum. The analyst said, “It lasted forever and I sold a long time ago with impatience. Now it looks quite interesting. It would not surprise me to see it go to $1.15 before it’s done, although caution is advised at this resistance-like level.”
Following Arbitrum, Altcoin Sherpa examines Injective and notes that the popular altcoin’s upward trend is likely not over yet. However, he predicts a pullback to around $7.50 before a rise towards the $9.40 target.
At the time of writing, INJ is trading at $7.42, down 2.83% in the last 24 hours, while ARB changed hands at $0.8778, down 5.74% in the same time period.
Lastly, Altcoin Sherpa looks at Bitcoin and expects the largest cryptocurrency to test the psychological resistance level of $30,000. Although the analyst anticipates a short-term rise in BTC, he is uncertain whether this upward movement will continue in the higher time frame:
Another test of $30,000 is definitely on the table, but we will have to wait and see if this test materializes. I am generally focused on some altcoins, but I am closely monitoring BTC. For me, a clear trend has not yet formed.
With the latest data, Bitcoin is trading above $27,000, down 0.88% in the last 24 hours, at $27,365. Market observers emphasize the need for Bitcoin to stay above the $27,000 threshold for the positive trend in the largest cryptocurrency to continue.