- Relative Strength: Injective is strong compared to other cryptos, especially against Bitcoin.
- Market Outlook: Success depends on Bitcoin breaking above $62,000.
Price Analysis
- Resistance Level: Currently between $23 and $24.5.
- Bullish Breakout: Needs to break above $24.5, aligning with the 200 EMA on lower time frames.
Market Sentiment
- Short-Term: Bullish on lower time frames, but needs to surpass $24.5 for a bigger move.
- Bitcoin Dependency: Injective needs Bitcoin to break out first to avoid consolidation.
Bitcoin's Impact
- Influence: Bitcoin's price movement heavily influences Injective.
- Breakout Watch: A Bitcoin breakout above $62,000 could trigger Injective's rise.
- Upcoming News: Significant Bitcoin news in the next 2.5 hours could impact Injective.