A high-profile crypto trader is bullish on an under-the-radar Layer 1 project that is lagging behind other altcoins.
Immortal, a pseudonymous trader and analyst, tells his 212,000 followers on social media platform X that he is focused on Constellation (DAG), a blockchain that uses directed acyclic graph technology.
Immortal said the DAG market structure is now bullish after an accumulation phase that lasted more than 400 days.
“I like DAG here.”
>+400 days cumulative
> Cumulative retest
> Sound market structure (HL series) [higher lows] And HH's [higher highs])
I'm a simple guy and I like uninspiring charts. ”
The trader is also bullish on Ethereum, noting that the Bitcoin pair (ETH/BTC) has fallen below a key support level for the third time in the past six months. Based on his chart, Immortal seems to be suggesting that ETH/BTC could rise to 0.08 in the coming months.
“Power of III”.
Focusing on Bitcoin, Immortal said there are three technical reasons to be bullish on BTC's market structure.
“The price consolidates below the resistance line.
No SFP (swing failure pattern)
There are no major declines.
Just higher bass, compression, and a big green candle. ”
At the time of this writing, Bitcoin is trading at $68,890, down 4.3% in the past 24 hours.
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Featured image: Shutterstock/Zvereva Yana/Natalia Siiatovskaia
