The price of Injective has seen some bullish moves in the last 2 weeks. It all started when it found support at around $14.
The support triggered a reversal, and the price started to rally. However, it experienced a bit of sideways trading around the $20 resistance as it struggled to break above it.
The resistance finally broke yesterday, and we expect a continued rally today. The price has spiked by more than 45% so far, and it looks like it can do more.
Read Also: SEI and Fantom (FTM) Tokens on the Cusp of a Three-Digit Price Surge: One Resistance to Go
The next target for the price is the descending trendline that has been a resistance since March. If the trendline resistance holds, we could see a bearish confirmation back to the support at $14.
If the pattern is to continue, then the chance of breaking the support to form a new lower low is high. The relative strength index is at 53, slightly on the bullish side, and the price may be able to spike for a longer time before a major retracement if the bullish move is to continue.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +The 50-day moving average is still above the price, acting as a resistance to further price growth. This still shows the overall bearish price action despite the ongoing recovery. A break above this and then the trendline could trigger a major rally.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
