One closely followed cryptocurrency trader is bullish on an under-the-radar tier-one project that has lagged behind other altcoins.
The Inmortal trader and analyst tells his 212,000 followers on social media platform X that he has his eye on Constellation (DAG), a blockchain that uses Directed Acyclic Graph technology.
Inmortal says the DAG market structure is now bullish after an accumulation phase lasting more than 400 days.
“I love DAG here
> +400 days accumulation
> Retest the accumulation
> Healthy market structure (consecutive HL's [higher lows] And His Highness [higher highs])
I'm a simple guy, I like non-bloated charts.
The trader is also bullish on Ethereum, noting that ETH in the Bitcoin pair (ETH/BTC) has deviated below a critical support level for the third time in the past six months. Based on his chart, Immortal seems to indicate that ETH/BTC has the potential to reach 0.08 in the coming months.
“The power of the third.”
Looking at Bitcoin, Inmortal says there are three technical reasons to be bullish on BTC market structure.
“Stability below the resistance level.
No SFPs (Swing Failure Modes)
No big dips.
Just higher lows, pressure and a big green candle.”
At the time of writing, Bitcoin is trading at $68,890, down 4.3% over the past 24 hours.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Zvereva Jana/Natalia Siatovskaya
