đ¨ INJ/USDT on the Verge of a Major Move! đ¨
Injective Protocol ($INJ) is currently trading around $20.75 and is at a critical resistance zone. This is your chance to monitor a possible breakout! đ
đ Key Technicals:
⢠Bollinger Bands show tightening volatility. A breakout beyond $21 could signal a bullish run to $25.
⢠MACD is hinting at bullish momentum, while the RSI sits between 60-68, suggesting more buying strength without being overbought.
⢠CRSI & UO oscillators confirm the upward trend, and volume levels show accumulation around $20.7.
⢠The VPVR indicates a strong point of control at $20.7. If we break this level with solid volume, expect fireworks! đ
đ On-Chain Insights:
⢠Futures open interest has risen by 3.41%, signaling that market participants expect a rise. Positive funding rates further confirm this bullish sentiment.
⢠INJâs unique token burn mechanismâburning 60% of trading feesâcould add upward pressure in the long run.
đ§ Market Outlook:
Analysts believe that a break above $21 could push INJ to $22 and even $25 in the short term. Failing to break this level could lead to consolidation around $18-$20 before the next move. đ
đ Future Potential: With low fees, continuous token burns, and strong use cases in DeFi, Injective is set to benefit from further adoption and trading volume, possibly revisiting highs near $57 by 2025.
â ď¸ Key Levels to Watch:
⢠Resistance: $21-$21.28
⢠Support: $18-$20
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