Crypto analyst Rekt Capital has highlighted promising developments for Injective (INJ) in his newsletter. The digital asset is displaying early indications of a potential upward trend, despite recent market volatility.
INJ has begun to reclaim the $18 level as support, overcoming a false breakdown two weeks ago. This price stability is crucial for the asset’s bullish outlook. Rekt Capital emphasized the importance of maintaining this support level.
The analyst pointed out a budding bullish divergence in INJ’s chart. The Relative Strength Index is forming a higher low, while the price action may be creating a lower low. This pattern often precedes positive price movement.
New edition of the Rekt Capital Newsletter is liveI share an Altcoin Market Update Features analysis on the following Altcoins: $INJ $SOL $BONK $OP $VANRYSign up to read it here:https://t.co/RsTZBOHaWb#BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) August 14, 2024
Holding Above $18: Key for Further Gains
Rekt Capital stressed the significance of INJ holding above the $18 mark. If successful, the asset could challenge the $21.68 resistance level. This move would represent a substantial gain from current prices.
The RSI indicator itself is showing promising signs. An ascending triangle pattern is forming, with the higher low serving as the base and a resistance level as the top. A breakout from this formation could validate the bullish divergence.
Current Market Performance
Per CoinGecko data, INJ is trading at $19.04 at the time of writing. The asset has seen a slight dip of 0.27% in the last day. However, its weekly performance remains solid, with INJ rising by 17.75% over the past week.
INJ’s daily trading volume stands at $112,099,330, indicating market activity. This volume suggests continued interest from traders and investors in the asset.
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Potential Catalysts for Future Growth
If INJ maintains its current trajectory, several factors could contribute to its growth. A successful breakout above the RSI resistance level could confirm the bullish divergence. This validation might precede further upside in INJ’s price action.
Therefore, the $18 support and $21.68 resistance will be critical in determining the asset’s short-term direction.
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