Injective (INJ) Breaks $18 Resistance: Investors Expect Higher Prices
12 Septembre 2024 - 10:00PM
NEWSBTC
Injective (INJ) has been outperforming the broader crypto market in
recent hours, gaining over 19% since Monday, while most
cryptocurrencies have experienced declines of 2% to 4% since
yesterday. Related Reading: Is Chainlink (LINK) $12 Breakout
Imminent? Data Reveals A Rising Open Interest This strong
performance comes after the altcoin broke through the $18
resistance level, signaling bullish momentum. Investors and
analysts are now eyeing higher prices for INJ, with some suggesting
it could be poised for even more significant gains shortly.
However, INJ must test key supply levels and establish support
within critical demand zones for this uptrend to continue. The
current optimism surrounding Injective is backed by encouraging
price action, but sustained upward movement will be needed to
confirm a lasting trend. As the market watches closely, INJ’s
ability to hold these levels may determine its potential for
further growth in the coming days. Injective Setting New Local
Highs Injective (INJ) has experienced a strong surge after
days of choppy and uncertain price action. Now, trading above the
4-hour $18 resistance, the altcoin has ignited excitement among
investors and analysts, who believe INJ could be a top performer in
this market cycle. One notable analyst, Crypto General on X,
has shared his technical perspective on INJ, setting high
expectations for a $53 price target in the coming months. His
analysis points out that INJ is currently rebounding from its lower
trendline support, a critical level that has served as a foundation
for this rally. According to Crypto General, INJ could
experience a powerful upward movement if this support holds.
However, he also warns that if the price fails to maintain this
level, we could see a decline toward the $14 range, which would
signal a reversal of recent gains. Investors are carefully watching
this development, as INJ’s recent price action could set the stage
for more significant moves in the near term. The key will be
whether INJ maintains its momentum and breaks through resistance
levels. If bulls can push the price above its next resistance zone,
a rally toward the mid-$20 range could be on the horizon, further
solidifying its position in the market. Related Reading: Solana
(SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish
Momentum As the market establishes its direction, price action in
the coming days will play a pivotal role in determining INJ’s
performance in the weeks ahead. Whether it continues to rise or
faces a pullback will likely depend on broader market conditions
and the ability of bulls to sustain upward momentum. INJ Price
Action Details INJ is trading at $19.38 after a significant
surge from yearly lows near $15. This upward movement has propelled
the price above the 4-hour 200 exponential moving average (EMA) at
$18.41 for the first time since late August. The 4H 200 EMA is a
crucial indicator of short-term market strength. If INJ can
successfully retest and hold above this level, it would suggest a
bullish continuation, signaling that further upward momentum is
likely. Related Reading: Avalanche (AVAX) Ready To Target $28:
Investors Expect A Reversal Maintaining this position above the 4H
200 EMA would allow INJ to target higher price levels, with
resistance and supply zones near $23 as the next key hurdle.
However, if the price fails to hold this level and loses support at
$18, a retrace toward lower demand zones around $16 could occur. In
the short term, how INJ behaves around the 4H 200 EMA will be
pivotal in shaping its next price action phase. Featured image from
Dall-E, chart from TradingView
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