Injective’s price is making a comeback, now at $21.35 after taking a big hit recently. The 4.55% jump has got traders talking about whether INJ can push back to $30. Looking at the charts, some important price points could shape where it goes next.
Injective’s price has demonstrated notable volatility throughout the year, with its range extending from a low of $13 to a high of $56. The most recent activity includes a green candle indicating a potential recovery following a sharp drop in November and December. Despite the ongoing short-term bounce, the long-term trend reflects a downturn that began after the token peaked at $38-$40 in November.
Between mid-August and November, the asset experienced a sustained rally, highlighting a strong uptrend during that period. However, a reversal in November brought the price below the $25 mark, creating a bearish market sentiment. Over the past week, INJ’s price seems to be consolidating near the $20 level, suggesting an attempt to stabilize.
Support and Resistance Zones
Analyzing the chart identifies critical support and resistance levels that could influence the token’s price movement. The $19-$20 zone has acted as a strong support level, with multiple price reactions indicating robust buying interest. Additionally, the $13-$14 range marks the year’s lowest support, which could come into play if bearish momentum resumes.
On the upside, $28-$30 serves as a key resistance zone, previously acting as a support before the November breakdown. Another resistance area lies between $38-$40, where price rejection occurred during October and November. Breaking these levels would be essential for Injective to regain upward momentum.
Chart Patterns and Observations
The INJ price chart displays a double-top pattern formed in October and November, a bearish indicator suggesting a reversal at $38-$40. Furthermore, the token’s movement from May to August shows a period of range-bound behavior between $15 and $23. Recent green candles highlight buying pressure near $20, hinting at a possible short-term rebound.
While current price action hints at stabilization, broader market sentiment remains bearish. Support at $19-$20 and resistance at $28-$30 will be key areas to watch for traders assessing potential upward movement. Breaking past $30 could open the door for a more substantial recovery, but maintaining stability near $20 is essential for the short term.
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The post Could Injective (INJ) Price Rally Back to $30? Key Levels to Watch appeared first on CaptainAltcoin.
