Data and analyst observations indicate positive momentum for both Aave (AAVE) and Injective (INJ) tokens in the crypto market. According to tweets from CryptoVantage HQ and GalaxyTrading, as well as price data from CoinGecko, these assets have demonstrated price increases over the past day and week.
Moreover, AAVE has broken through key resistance levels, while Injective is showing potential for a breakout. Furthermore, the analyses by the two analysts highlight important areas to watch for both tokens.
What you'll learn 👉
AAVE Breaks Through Resistance Levels
The AAVE token has experienced a substantial price surge in recent weeks. CryptoVantage HQ noted that AAVE broke through a high time frame (HTF) resistance level between $130 and $135.
This breakthrough prompted the analyst to open a long position, which was subsequently closed at $145. However, CryptoVantage HQ cautioned that AAVE faces an HTF supply zone above its current price.
Besides, this zone could potentially drive the price back down to the $122-$111 range. The analyst suggested that investors might consider waiting for a potential dip to these levels before looking for new long positions.
Per CoinGecko data, AAVE trades at $149.10, an 8.05% climb over the past day and an 11.83% increase over the past week. The token’s daily trading volume is at $732,545,267.
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INJ Poised for Potential Breakout
GalaxyTrading’s analysis of Injective (INJ) suggests the token may be on the verge of a price movement. The analyst noted that INJ’s chart appears strong, with traders awaiting confirmation of a breakout.
The analysis also pointed to rising On-Balance Volume (OBV) for INJ, which typically indicates increasing interest and momentum in a token. GalaxyTrading interpreted these factors as signs of a potential upcoming price surge for INJ.
Price data from CoinGecko corroborates this positive outlook. INJ’s price reached $18.20, representing a 2.24% increase in the last day and a 14.27% rise over the past week. The token’s daily trading volume was reported at $116,837,284.
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