INJ, the native token of Injective Protocol, has broken out of its two-month accumulation range, marking a significant shift in its market dynamics. Additionally, the cryptocurrency has also surged past a two-week bullish flag, indicating a strong bullish sentiment among investors. This surge has propelled INJ to establish a new all-time high at $52.5, a level that has captured the attention of market participants.
CryptoJelleNL shared these insights on INJ, highlighting its breakout from the accumulation range and setting its sights on a significant target of $75.
Moreover, the asset has retraced its two-month accumulation range, a move commonly seen as a validation of newfound support levels. With this setup in place, analyst CryptoJelleNL is optimistic about INJ’s prospects, predicting a further ascent towards the $75 mark.
The breakout pattern witnessed in INJ suggests a bullish sentiment prevailing in the market. Investors should eye further gains as the coin continues to demonstrate resilience amidst market fluctuations. INJ stands out with its promising setup, potentially paving the way for substantial gains in the near term. With momentum on its side, INJ remains a coin to watch for traders and investors alike.
The crypto market has seen remarkable activity in recent days, with several coins hitting new all-time highs. Among them, Bitcoin surged to over $73,800, while Injective followed suit, reaching $52.5, marking a new peak. However, INJ’s price has seen a 12.38% decline over the past 24 hours, now trading at $43.2.
Observing INJ’s recent price action, it traded within a tight range of $32 to $36, reflecting weak momentum. Subsequently, a jump to $39 faced resistance, leading to a neutral trend for a brief period. However, as market volatility intensified, a correction tested lows at $32, followed by consolidation between $38 and $44 before a resurgence.
Despite hitting a new ATH, INJ is currently under bearish influence. Bulls must demonstrate a reversal to retest the $52.5 resistance level. Should they succeed, there is a potential challenge of the $56 resistance over the upcoming sessions. Conversely, prolonged bearish pressure could drive INJ towards its support at $46. Failure to regain momentum may see the price further decline, testing the lower support level at $43.
Technical indicators on the daily chart display a bearish picture. The Relative Strength Index (RSI) indicator has dropped to the neutral region, suggesting a weak bullish momentum. At the same time, the Moving Average Convergence Indicator (MACD) shows a trend reversal, indicating increased selling pressure.
