Vanar Chain (VANRY) and Injective (INJ) Show Promising Bullish Patterns; Expert Eyes Major Price Breakouts
In their latest newsletter, Rekt Capital discussed the Vanar Chain (VANRY) and its current market structure. They noted that VANRY has been forming a Falling Wedge pattern and it needs to retest the $0.088 mark as support to maintain its upward trajectory.
Although the weekly closing price fell below the diagonal resistance of the blue pattern, VANRY has still positioned itself for a potential post-breakout retest of this level, aiming to establish it as new support.
Source: Rekt Capital Newsletter
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The ongoing retest appears to be progressing well, which could allow VANRY to challenge the significant black Macro Downtrend above. Successfully breaking through this downtrend would pave the way for a new Macro Uptrend.
Additionally, as long as the Bullish Divergence remains in effect, VANRY is poised to effectively contest the Macro Downtrend for a breakout opportunity.
Injective Positioning for a Breakout
Rekt Capital also provided an update on Injective (INJ). They previously noted that INJ was consolidating within a Downtrending Channel.
Source: Rekt Capital Newsletter
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Since that discussion, INJ has seen some price increases, but it has only managed to reach the upper boundary of this key pattern, setting the stage for a possible breakout.
For INJ to initiate a new uptrend after a prolonged period of decline, it will need to close above the upper limit of the pattern on a weekly basis.
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