Injective Protocol’s native INJ token has faced selling pressure this week, declining 1.5% over the past 7 days to trade around $34. When zooming out to the past 30 days, INJ is down a more significant 15% from its late December all-time high of $43.
But technical analysis from altFINS suggests the crypto could be poised for a rebound if it can hold key support.
Injective (INJ) Price Analysis – Next Target is $45
As altFINS reported, INJ price remains in an uptrend but is consolidating in a descending triangle pattern currently. This triangle typically breaks out in the direction of the existing trend, which for INJ is still up on a medium and long-term basis.
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Show more +The key focal point is the $30 support level. A break below $30 would open the door for further downside towards the next support zone around $20. However, holding $30 could set the stage for an upside breakout back towards resistance around $45 where INJ got rejected in late 2023. Traders should set price alerts around these key levels.
Source: altFINS – Start using it today
In terms of momentum, altFINS notes mixed signals. The MACD line remaining above the MACD signal line is bullish, as this alignment shows upside momentum is intact. However, the MACD histogram bars are declining and RSI is stuck at 50, pointing to waning momentum.
In summary, INJ may be poised for an upside breakout but holding the $30 support level is crucial according to the analysis from altFINS. A descend through $30 would paint a bearish picture for INJ in the near-term.
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