3 Cryptocurrencies To Watch Out For Next Week; DYDX, APE, INJ

The cryptocurrency market has experienced significant volatility this week, largely influenced by Binance’s recent legal turmoil. The saga includes a massive $4 billion settlement and the consequential resignation of CEO Changpeng Zhao, following charges of violating U.S. anti-money laundering laws. In the midst of these upheavals, several cryptocurrencies have not only weathered the storm but also appear poised for potential growth. In the coming week, we can turn our focus to three such digital assets: DYDX, APE, and INJ demonstrated resilience and a suitable bullish setup for a strong rebound.

Also Read: CME Bitcoin Futures Turns Mega Bullish, BTC Price Rally To $45,000 In Play

dYdX Price Analysis: Healthy Retracement Before the Next Leap

Source- Tradingview

The DYDX coin has been on a strong recovery trajectory since mid-October as the price bounced from a low of $1.76 to a high of $4.355, marking a substantial 146% increase. Nonetheless, a recent shift in market sentiment led to a 34.5% pullback, bringing the price down to a crucial psychological level of $3.

Though significant this correction remains above the 50% Fibonacci Retracement Level, indicating a healthy pullback with the potential for a further bounceback. Currently trading at $3.4, DYDX is showing signs of regaining its upward momentum as it aligns with a reversal pattern known as a Rounding Bottom.

This suggests that the pullback could ultimately support a sustainable rally toward the pattern’s neckline, situated at $7.17.

Apecoin Price Analysis: Bullish Pattern Set $2 Target

Source- Tradingview

The momentum for Apecoin price began shifting positively in mid-October, aligning with a broader recovery trend in the cryptocurrency market. Starting from a low point of $1.02 on October 10th, the coin price has climbed significantly, registering a 65% increase to its current trading price of around $1.72.

This resurgence is notably marked by the formation of a ‘Cup and Handle‘ pattern on the daily chart, a classic indicator of bullish reversal in technical analysis. The pattern reached fruition with a notable 12% rise in Apecoin value on November 25th, accompanied by a surge in trading volume.

This marked a clear breakout above the neckline resistance of the pattern. Should this pattern follow its typical bullish trajectory, there’s a potential for the coin price to experience an additional 22% uplift, possibly reaching the $2.11 threshold.

Injective Price Analysis: $INJ Impending For a Decisive Breakout

Source- Tradingview

In the midst of ongoing market volatility, the Injective price has been experiencing a sideways movement for the past couple of weeks. This period of consolidation doesn’t show clear dominance from either buyers or sellers.

However, a closer analysis of the daily timeframe chart reveals that this is part of a bullish continuation pattern, specifically a pennant. At the time of writing, ING is trading at $16.7, having incurred a 2.48% intraday loss, and recently reverting from the pattern’s upper trendline.

As long as this pattern holds, the INJ price is likely to maintain its consolidation phase, with a slight downward inclination. The converging nature of the pennant, however, suggests that a decisive breakout above the overhead resistance is likely, which could reignite bullish momentum.

Following this breakout, INJ could aim for potential targets at $20 and subsequently at $28.

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