Injective’s INJ Token Flashing ‘Picture-Perfect’ Bullish Signals, But Crucial Support Must Hold for 60%+ Rally
A popular crypto analyst has highlighted that Injective’s INJ token is setting up for a potentially massive bullish move, but a key support level must be defended by buyers to catalyze the upside.
According to Jelle, a trader actively tracking INJ’s price action, the token is exhibiting multiple technical bullish signals that combine to create a “picture-perfect” setup:
- INJ has broken out from a 2-month accumulation range, which refers to a prolonged period of tightening price action where buyers and sellers reach an equilibrium before a breakout.
- It has also broken out from a 2-week bullish flag pattern, which is a technical formation suggesting a continuation of the preceding uptrend after a brief consolidation period.
- Most significantly, INJ has set new all-time highs by surpassing its previous peak price levels.
Jelle notes that if INJ manages to successfully retest and find support at the previous 2-month accumulation range around current levels, it could catalyze a rally up to $75. This represents potential upside of over 60% from the current trading price.
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Show more +Complementing Jelle’s analysis, our team’s research has uncovered that INJ’s price is also attempting to retest the breakout level around $45 that kicked off 3 days ago after a 3-month consolidation period.
For the bulls to remain in control and push prices higher towards the $75 target projected by Jelle, it is crucial that the $45 level holds as support during this retest. A failure to sustain above $45 could potentially lead to another consolidation phase or downward price movement.
In summary, while multiple technical indicators are aligning for a major bullish continuation for INJ, traders and investors will be closely monitoring whether the token can successfully retest and bounce from the $45 support zone. Holding this level could open the path for a rally exceeding 60% from current prices up towards $75.
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