Injective (INJ) is currently positioned at a critical level after last week’s impressive breakout, which saw the token gain over 25% in just seven days. Strong altcoins like Injective are becoming increasingly important to watch in a market characterized by volatility and uncertainty.
Analysts and investors closely monitor INJ as it demonstrates resilience and potential for further gains. Experts agree that if Injective can maintain its current level, it may be poised for a breakout toward even higher prices.
This could make Injective one of the standout performers in the crypto market in the coming weeks, offering significant opportunities for those who closely monitor its price action.
Injective Retest After Breakout
After last week’s breakout, Injective (INJ) has retraced to the previous resistance at $20.30, which is now being tested as support—a classic signal for bullish continuation. This retracement is closely watched by traders and analysts alike, as it could pave the way for the next leg up in INJ’s price.
Crypto analyst and chart expert Long Term shared a detailed analysis on X, highlighting this retest as a key moment for Injective. According to the analysis, this healthy retrace sets the stage for a potential breakout, provided that the $20.30 level holds strong support.
Analysts are optimistic about INJ’s prospects if this support level is confirmed, with price targets around $25 being floated for the coming weeks. The ongoing consolidation and testing of support are crucial steps in building momentum for Injective’s next upward move.
As the broader market continues to exhibit volatility, INJ’s ability to maintain its key levels will be instrumental in determining its near-term trajectory. Investors are advised to watch for confirmation of this support level, as it could signal the start of another rally for Injective, making it one of the altcoins to keep an eye on in the crypto space.
INJ Key Levels Before Hitting $25
Injective (INJ) has shown impressive strength by successfully breaking above and tagging the 4-hour 200 exponential moving average (EMA) from the upside. This key indicator, currently at $20.22, is a crucial signal of INJ’s bullish momentum. For the uptrend to continue, INJ must maintain its price above $19.5 and secure a close over the 4H 200 EMA.
If these conditions are met, INJ’s next target will be the recent highs set last weekend at $22.98. Breaking above this level could pave the way for a challenge to the $25 supply zone, representing a significant resistance level.
While some sideways consolidation might occur first, holding above the 4H 200 EMA and the $19.5 support level will be key for INJ to reach these higher price targets. The upcoming price action around these levels will be critical in determining INJ’s next move.
Featured image created with Dall-E, chart from Tradingview.com