Injective (INJ) Finally Confirms Falling Wedge Breakout; Litecoin (LTC) Breaking from Bullish Pennant: Here Are Their Next Price Targets
Technical analysts are keeping a close eye on two major cryptocurrencies this week after the formations of promising bullish chart patterns pointed to potential rallies ahead.
World Of Charts, a popular crypto chart analysis account on X, highlighted that Injective (INJ) has confirmed a breakout from a falling wedge pattern. A falling wedge is a bullish technical formation where the price action makes lower highs and lower lows, with the contracting range indicating a potential trend reversal to the upside once broken.
“$INJ Falling Wedge Breakout Has Already Confirmed. Expecting Solid Bullish Wave In Coming Days. #INJ Can Test $50-55,” World Of Charts stated in their tweet.
Injective is a decentralized finance protocol focused on building an interoperable layer for derivatives trading. At the time of the tweet, INJ was trading around $34. A rally to the $50-55 area would represent potential upside of roughly 50-60% from those levels.
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Show more +The analyst also flagged a bullish pennant breakout for Litecoin (LTC) on the hourly chart time frame. A pennant is a continuation pattern marked by periods of contracting volatility followed by a breakout, with the directional bias determined by the preceding trend.
“$LTC #LTC Breaking Bullish Pennant In Hourly Timeframe. In case of Breakout Expecting 20-25% Bullish Rally,” they tweeted.
With Litecoin trading around $99 when World Of Charts identified the pattern, a 25% rally from those levels would target a move up to approximately $124 for the seventh-largest cryptocurrency by market cap.
Technical analysis uses historical trading activity and price patterns to attempt to forecast future market moves and identify potential trading opportunities. While it can be a useful tool, technical signals are not guarantees, and investors should always do their own research before executing any trades
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