Sjuul, AltCryptoGems lead analyst, shared with his 431k followers on X (formerly Twitter) that there might be a breakout in Injective’s (INJ) price soon.
The analyst drew attention to INJ’s bullish market structure, which is defined by recent higher highs and lows that could indicate an upward trend. Key support levels are being watched by traders as possible entry points for buying opportunities.
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Injective Chart Analysis: Bullish Structure with Higher Lows and Highs
The INJ chart shows a consistent pattern of higher lows and higher highs, a strong indication of a bullish market structure.
This suggests that the token is in an upward trend, with each price dip finding higher levels of support than before. These formations point to a healthy market environment where traders can expect new highs to follow each pullback.
Image Source: X/SjuulAltCryptoGems
According to Sjuul’s analysis, INJ recently printed a higher low and higher high, solidifying its bullish stance. The pattern signals that the market is not only stable but also gaining momentum. As long as these higher lows continue to form, traders could remain confident in the token’s upward movement.
Key Support Levels to Watch
Sjuul’s tweet emphasizes two important support zones that could play a key role in INJ’s future price movements.
The local support sits between $17 and $18, a zone where the price may pull back before continuing its rally. This range is seen as a prime area for buying the dip, offering traders an opportunity to enter the market at a favorable price.
Below this lies the macro support zone, ranging from $14 to $16. If the price were to fall below this level, the bullish structure would be invalidated, signaling potential risks for traders. This clear boundary serves as a key reference point for those watching $INJ’s movements.
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Show more +Show less – Broadening Wedge Pattern and Resistance
Sjuul’s Injective chart also reveals a descending broadening wedge pattern, which typically signals a bullish continuation. The INJ price oscillates between two diverging trendlines, creating a wedge-like formation. If INJ breaks above the upper trendline, it could lead to a significant rally.
Moreover, resistance levels play an important role in this scenario. The INJ price has bounced off a downward sloping red trendline multiple times, showing that breaking this resistance could trigger a sharp upward movement. The green upward-sloping trendline reflects the rising lows that further reinforce the bullish outlook.
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Injective (INJ) Buying Opportunities and Potential Invalidation
Sjuul’s tweets suggest that traders consider dips around the local support as buying opportunities, reflecting optimism for INJ’s potential growth.
The bullish trend remains valid as long as the price holds above the macro support zone. However, if INJ falls below this level, traders may need to reassess their positions as it could signal a reversal or prolonged bearish phase.
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The post Here’s Why Injective (INJ) Price Could Be Primed for a Major Breakout appeared first on CaptainAltcoin.
