Closely tracked cryptocurrency traders are bullish on one under-the-radar layer 1 project that is lagging behind other altcoins.
Household trader and analyst Inmortal told his 212,000 followers on social media platform X that he is keeping an eye on Constellation (DAG), a blockchain that uses Directed Acycling Graph technology.
Inmortal says the market structure for DAG is now bullish after an accumulation phase that lasted more than 400 days.
“I love DAG here
> +400 days accumulated
> Accumulated retest
> Healthy market structure (successive HL (low high) and HH (high high))
I’m a simple person, and I like charts that aren’t pumped up.”
Traders are also bullish on Ethereum, noting that ETH for the Bitcoin pair (ETH/BTC) has broken below its most important support level for the third time in the past six months. According to his chart, Immortal appears to suggest that ETH/BTC is likely to rise to 0.08 in the coming months.
“The Power of III.”
Looking at Bitcoin, Inmortal says there are three technical reasons to be optimistic about BTC’s market structure.
“It consolidates below resistance.
No SFP (swing failure pattern)
There is no major decline.
There are only higher lows, compression and big green candles.”
As of this writing, Bitcoin is trading at $68,890, down 4.3% in the last 24 hours.
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Featured image: Shutterstock/Zvereva Yana/Natalia Siiatovskaia