Injective Protocol’s native cryptocurrency, INJ, has been on an upward trajectory, spiking more than 20% today alone. The price has now been able to break out of a two-month accumulation period that began in mid-April.
After consolidating in a tight range around $29, INJ’s price was able to decisively break out from this consolidation zone, propelling the token to new heights. At the time of writing, INJ is trading at approximately $32, with the next key resistance level residing at this price point.
While the breakout from the prolonged sideways trading range was a significant driver of INJ’s recent bullish price action, the positive Consumer Price Index (CPI) news released a few hours ago is also believed to have fueled the rally.
Technical Analysis and Key Levels to Watch
AltFINS, a respected technical analysis firm, has provided insights into the injective protocol’s price trajectory and potential future price levels.
According to AltFINS’ analysis, the current trends for INJ are mixed. The token’s price is still trading below its 200-day moving average, and it is currently forming an Ascending Triangle pattern, which is typically a continuation pattern that breaks out in the direction of the existing trend.
For INJ to resume its uptrend, it needs to break back above both the 200-day moving average (currently at $31.70) and the horizontal resistance level of $30. If it manages to close above these hurdles, INJ could potentially surge by over 30% to reach the $40 level, where the next significant resistance zone is located.
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On the downside, the nearest support zone is identified at $20, followed by $14.
Momentum and Overbought/Oversold Conditions AltFINS’ analysis suggests that INJ’s momentum is currently bullish, as the MACD line has crossed above the MACD signal line. Furthermore, the token is neither overbought nor oversold based on its RSI-14 levels, which are between 30 and 70.
Key Levels and Potential Price Targets
If INJ can successfully breach the resistance at around $32.5, it could potentially surge to $40, as posited by AltFINS’ analysis, where the next significant resistance level resides. A sustained bullish momentum could then propel the token towards the $45 level.
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The post Why Is Injective Protocol (INJ) Crypto Price Pumping? Watch These Key Levels appeared first on CaptainAltcoin.
