A closely followed crypto trader is bullish on one under-the-radar layer-1 project that has lagged behind other altcoins.
Pseudonymous trader and analyst Inmortal tells his 212,000 followers on the social media platform X that he’s got his eye on Constellation (DAG), a blockchain that uses Directed Acyclic Graph technology.
Inmortal says that DAG’s market structure is now bullish after an accumulation phase lasting more than 400 days.
“I like DAG here
> +400 days accumulation
> accumulation retest
> Healthy market structure (consecutive HL’s [higher lows] and HH’s [higher highs])
I am a simple man, I like unpumped charts.”
The trader is also bullish on Ethereum, noting that ETH in its Bitcoin pair (ETH/BTC) has deviated below a critical support level for the third time in the last six months. Based on his chart, Immortal appears to suggest that ETH/BTC has the potential to run up to 0.08 in the coming months.
“Power of III.”
Looking a Bitcoin, Inmortal says there are three technical reasons to be bullish on BTC‘s market structure.
“Consolidation below resistance.
No SFPs (swing failure patterns)
No big dips.
Only Higher lows, compression and big green candle.”
At time of writing, Bitcoin is trading for $68,890, down 4.3% in the last 24 hours.
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Featured Image: Shutterstock/Zvereva Yana/Natalia Siiatovskaia
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