INJ’s price jumped up 12%, catching traders’ attention. This Layer 1 blockchain focuses on DeFi, AI, and big data. Crypto analyst Seth pointed out on X (formerly Twitter) how INJ keeps bouncing off an important trend line. He thinks the project looks solid for the long term, though he reminds everyone to do their research.
What you'll learn 👉
Injective Price Action: Trend Line as a Reliable Support
The daily price chart of INJ demonstrates a clear reliance on a diagonal trend line acting as support. This trend line has been repeatedly tested and has held firm, suggesting strong buyer interest at these levels. The latest bounce off the trend line resulted in a 12% increase, confirming the market’s respect for this support zone.
Historical price movements show that the asset peaked in October 2023 before entering a phase of consolidation. The INJ price chart shows an interesting pattern – the highs are getting lower while the lows keep climbing higher. This creates a triangle shape right near the trend line. If INJ stays above this line, we might see prices climb even higher.
Key Support and Resistance Zones
The $18–$20 range has emerged as a crucial support zone for Injective, reinforced by the diagonal trend line. Buyers have consistently stepped in to defend this area, as evidenced by the sharp price rebound.
On the upside, the $24–$26 range presents a resistance zone, where previous attempts to break higher have resulted in pullbacks. This dynamic creates a defined range for traders to monitor in the coming days.
Read Also: Ripple Analyst Makes Bold XRP Price Prediction – Is $100 Realistic?
Insights from Momentum Indicators and Analysis
A custom indicator displayed on the chart highlights potential reversal points with color-coded signals. A green signal near the recent trend line bounce aligns with the bullish price movement. This suggests a potential continuation of the uptrend, provided the support zone remains intact.
Seth’s tweet not only emphasizes Injective’s technical strength but also mentions its strong fundamentals, particularly its focus on AI and big data. While encouraging investors to study the project further, the tweet underscores the importance of independent research before making investment decisions.
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