Injective is about to break out, with bullish momentum pushing INJ toward key resistance levels. Crypto researchers and traders have examined INJ’s price activity and forecast a possible advance toward the $28 barrier level.
This bullish feeling comes amid increasing momentum and technical indicators pointing to an upward trend.
Injective Price Analysis
In his recent newsletter, crypto analyst Rekt Capital provided insights into INJ’s current market position. The analyst noted that INJ has been struggling to reclaim the $18.02 level as support for the past three weeks.
New edition of the Rekt Capital Newsletter is liveI share an Altcoin Market Update Features analysis on the following Altcoins: $INJ, $VANRY, $ETH, $KDA, $AVAX, $BRETTSign up to read it here:https://t.co/Wvo1rdj7bo#BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) August 21, 2024
However, Rekt Capital highlighted a potential bullish divergence and an Ascending Triangle formation on the Relative Strength Index.
The analyst explained, “INJ would need to reclaim the $18.02 level as support to lend further credence to this technical predicament on the RSI and for the bull div to play out successfully over time.”
Additionally, Rekt Capital drew parallels between INJ and Bitcoin’s price action, suggesting that INJ’s success may be tied to Bitcoin’s ability to overcome its own resistance levels.
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Trader Optimism Grows as INJ Reclaims Key Support
Adding to the bullish sentiment, crypto trader Trade4ddict shared their analysis on X. The trader noted INJ’s strong performance and recent price action, stating,
“$INJ is outperforming and looks like it just has started. We recovered well after we took out the previous low and reclaimed $17 support shortly afterwards.”
Trade4ddict’s optimism stems from INJ’s breakout from a five-day price range, confirmed by the previous day’s close. The trader has already opened a long position, anticipating further upside potential.
$INJ is outperforming and looks like it just has startedWe recovered well after we took out the previous low and reclaimed $17 support shortly afterwardsNow we confirmed a breakout of 5 days price range with yesterdays close and I already opened a longWe should be on the… pic.twitter.com/rwJFXnjMGU
— Trade4ddict (@Trade4ddict) August 22, 2024
Path to $28 Resistance and Beyond
With INJ’s recent price action and technical indicators aligning, many market participants are eyeing the $28 resistance level as the next significant target.
Trade4ddict expressed confidence in INJ’s upward trajectory, predicting, “We should be on the way to $28 resistance next and could start to grind up afterwards to ATH in October.”
This potential move to $28 would represent a substantial gain from current levels and could set the stage for INJ to challenge its all-time high in the coming months.
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The post Injective Poised for Major Breakout: INJ’s $28 Resistance in Sight as Bullish Momentum Builds appeared first on CaptainAltcoin.
