Will Injective’s (INJ) Surge Above Key Buy Zone Continue? Polkadot (DOT) Breaks Price Pattern, Eyes $12
Crypto markets have seen notable price movements for Injective (INJ) and Polkadot (DOT). Crypto analysts Crypto Tony and Captain Faibik shared insights on Twitter about these tokens’ recent performances. Their analyses highlight potential buy zones, breakout patterns, and midterm targets for both assets.
What you'll learn 👉
INJ Pumps from $18.10 Buy Zone
Crypto Tony reported a price increase for INJ. The analyst had previously identified a buy zone at $18.10. Since then, INJ has experienced a strong upward movement.
The price chart shared by Crypto Tony reveals INJ’s journey over the past few months. From March to April, INJ experienced a downtrend, dropping from around $40 to $22. The token then entered a period of sideways movement until mid-June.
A noticeable downtrend followed in early July, with prices dipping below $18. However, mid-July brought a strong recovery. INJ’s price surged, reaching approximately $26.16 at the time of the analysis.
Read also: Have Ripple vs. SEC Settlement Rumors Fueled XRP Price Pump?
Key Levels for INJ
Crypto Tony’s analysis identifies several important price levels for INJ. The $18.10 mark serves as a strong support level and buy zone. Currently, the price hovers around $26.16, approaching historical resistance levels near $28.
The chart indicates a significant bullish trend for INJ. Higher highs and higher lows have formed recently, suggesting strong upward momentum. Traders may want to watch these levels closely for potential entry or exit points.
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Show more +DOT Forms Bullish Pattern
Meanwhile, Captain Faibik shared insights on Polkadot (DOT). The analyst identified a bullish pattern on DOT’s daily timeframe chart. Specifically, DOT has formed and broken out of a falling wedge pattern.
A falling wedge is a bullish reversal pattern. It forms when price moves in a downward direction within two converging trendlines. The pattern suggests decreasing selling pressure and a potential upward reversal.
DOT’s Breakout and Target
Captain Faibik’s chart shows that DOT’s price has broken above the upper trendline of the falling wedge. This breakout signals a potential bullish reversal. Additionally, the price has retested the breakout point validating the pattern.
The analyst set a price target of $12 for DOT in the midterm. This target aligns with historical resistance levels and the height of the wedge pattern. Traders might consider this level for potential profit-taking or reevaluation.
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