A widely followed crypto analyst says that one artificial intelligence (AI)-focused altcoin looks strong while updating his outlook on decentralized finance (DeFi) platform Injective (INJ) and memecoin Pepe (PEPE).
In a new video update, crypto trader Jason Pizzino tells his 328,000 YouTube subscribers that even though graphics processing unit (GPU) rendering blockchain Render (RNDR) looks strong against the US dollar, it could still see a dip in price.
“Render versus USD had a bit of a turnaround – higher low still forming and even if this is to break down, it’s still in a relatively strong position compared to other cryptocurrencies”
Render is trading for $8.44 at time of writing, a 9.16% decrease during the last 24 hours.
Moving on to layer-1 blockchain Injective, Pizzino says he’s waiting for a potential reset against crypto king Bitcoin (BTC).
“Injective is looking interesting… what I’m looking at here is this potential reset and if you’re wanting to play the confirmation, I would look for something above the 50% level, it’s on the INJ/BTC chart, and the invalidation is of course underneath these lows ”
INJ is trading for $30.55 at time of writing, a 6% decrease on the day.
Concluding his analysis with popular meme asset Pepe, Pizzino says that the frog-themed token is displaying strength versus other memecoins.
“Something else is looking relatively strong – again with the meme coin Pepe. I know we checked this out yesterday but you can see that [it] broke higher after the pump and dumps on several other cryptos. This little break higher here could signal a little more strength.”
PEPE is trading for $0.000012 at time of writing, a 12% drop during the last 24 hours.
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Generated Image: Midjourney