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.
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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.
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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.
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