A crypto analyst with a large following believes that an altcoin focused on artificial intelligence (AI) is showing strength, as he provides updates on the decentralized finance (DeFi) platform Injective (
INJ
) and the memecoin Pepe (
PEPE
).
In his latest
video update
, trader Jason Pizzino shares his insights with his 328,000 YouTube followers. He notes that although the blockchain Render (
RNDR
), which utilizes graphics processing units (GPU), appears strong against the US dollar, there could still be a potential price dip.
“Render’s performance against the USD has seen a positive shift, with a higher low in formation. Even if there is a breakdown, it remains relatively strong compared to other cryptocurrencies.”
At the time of writing, Render is trading at $8.44, reflecting a 9.16% decrease over the past 24 hours.
Turning his attention to the layer-1 blockchain Injective, Pizzino mentions that he is anticipating a possible adjustment against the dominant cryptocurrency Bitcoin (
BTC
).
“Injective is showing some promising signs… I am watching for a potential reset, and if you’re looking for confirmation, keep an eye out for movement above the 50% level on the INJ/BTC chart. The invalidation point is below the recent lows.”
INJ is currently priced at $30.55, down 6% for the day.
Wrapping up his analysis with the meme asset Pepe, Pizzino notes that this frog-themed token is demonstrating strength in comparison to other memecoins.
“Another asset showing relative strength is the meme coin Pepe. Despite some pump and dumps in other cryptos, Pepe broke higher and this upward movement could signal further strength.”
At the time of writing, PEPE is trading at $0.000012, marking a 12% decline over the past 24 hours.
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Disclaimer: The views expressed on The Daily Hodl do not constitute investment advice. Investors should conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It is important to understand that any transfers or trades are undertaken at your own risk, and any resulting losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and is not an investment advisor. Please be aware that The Daily Hodl engages in affiliate marketing activities.