According to crypto analyst World of Charts, the price chart for Injective’s INJ token appears bullish as it starts breaking out of a bull pennant pattern.
At the time of World of Charts’ analysis, INJ was trading around $37 and looking to break resistance around that level. A successful breakout from the pennant pattern could see INJ target new highs towards $50-55, the analyst predicts. This would represent a 30-50% price surge from current levels near $38.
Bulls Push Above Resistance
Since World of Charts posted the bullish setup, INJ bulls have started breaking out above resistance around $38. This lends credence to the pennant breakout prediction.
If INJ can close decisively above short-term resistance, it would confirm the bullish pattern. This could give traders confidence that the token is gearing up for a move to $50-55 as projected. Bulls will now want to see strong follow-through above $38 to sustain the momentum.
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