Crypto analyst Crypto Winkle has shared a bullish outlook for Injective (INJ), with his chart showing a potential price rally to $52. The analysis comes as INJ breaks out of a descending channel and Upbit, South Korea’s largest crypto exchange, integrates the token.
An analysis of Crypto Winkle’s chart highlights a breakout from a descending channel that has been in place since early 2024. This move above the resistance line suggests a shift in market sentiment from bearish to bullish.
$INJ Breakout Alert! @injective is smashing through resistance! This is the moment we've been waiting for!RSI at 58 = Strong momentum!MACD at 0.24 = Bullish crossover confirmed!@Official_Upbit just integrated $INJ. Millions of new users & KRW pairing = explosive… pic.twitter.com/FENf2pycKa
— Crypto Winkle (@CryptoWinkle) October 17, 2024
The $16-$18 range has served as a strong support level throughout the year, with the price bouncing off this zone multiple times. Besides, the RSI stands at 58, indicating strong momentum without reaching overbought conditions. This leaves room for potential price growth.
At 0.24, the MACD has also reached a positive zone, therefore verifying a bullish crossover and indicating increasing momentum.
Upbit Integration Boosts Liquidity
Integration of injective with Upbit has given its market dynamics fresh perspective. Including a Korean Won (KRW) trading pair creates liquidity and provides access to millions of possible new users. This development could drive buying pressure as Korean traders gain easier access to INJ tokens.
The largest exchange in Korea, Upbit has officially integrated $INJMillions of new users can now access native $INJ tokens using the Korean fiat pair $KRW pic.twitter.com/u08ZNxilht
— Injective (@injective) October 17, 2024
The official Injective X account announced the integration, emphasizing the significance of Upbit as the largest exchange in Korea. This move aligns with Injective’s efforts to expand its reach and accessibility in key crypto markets.
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Market Outlook and Potential Targets
Based on the technical analysis and recent developments, Crypto Winkle suggests that INJ could target the $52 resistance zone. This level is derived from previous price peaks and represents a key area of interest for traders and investors.
The combination of technical indicators and fundamental catalysts has created a favorable environment for INJ’s potential price growth. Moreover, the sustainability of the current bullish momentum and the token’s ability to maintain prices above the breakout point will be crucial factors in determining whether it can reach the projected $52 target.
Per CoinMarketCap price data at press time, INJ trades at $21.50. The token has seen a 2.51% increase in value over the last day.
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The post Here’s Why Injective (INJ) Price Could Rally to $52 appeared first on CaptainAltcoin.
