Injective’s INJ Token ‘Looks Ripe’ For Significant Rally After Successful Breakout and Retest, Here Are Key Prices to Watch

According to the crypto analyst CryptoJelleNL, Injective’s native token INJ is primed for a major price rally after breaking out of an 80-day accumulation range and successfully retesting it. In a tweet, CryptoJelleNL stated: “$INJ broke out of the 80-day accumulation range & successfully retested it. Looks ripe for higher, much higher. Send it.”

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Corroborating this bullish outlook is an analysis from altFINS, which highlights several technical factors suggesting INJ’s uptrend could gain significant momentum. According to altFINS, INJ’s price is currently in an uptrend across short, medium, and long-term time frames, with bullish momentum confirmed by the MACD and RSI indicators.

Specifically, altFINS’ trade setup outlines that following a bullish breakout from a descending triangle pattern, INJ breached the $50 resistance level and could potentially revisit $60 next, representing around 20% upside from its current price of $47. A stop-loss level is suggested at $46, just below the previous resistance-turned-support zone around $45-$46.

Source: altFINS – Start using it today

For context, a descending triangle is a bearish continuation pattern that forms during a downtrend as the asset makes lower highs but finds support at a horizontal level. A breakout above the triangle’s upper trendline is considered a bullish signal that the downtrend could reverse into an uptrend.

Based on altFINS’ analysis, the nearest support zone for INJ is around $45, which has flipped from previous resistance into a support level. Below that, the $30 level is identified as another key buy zone for bulls defending INJ’s uptrend.

Overall, the combination of breaking out of an accumulation range, a successful retest of that range, and a bullish technical pattern suggests INJ’s uptrend could accelerate further if it can firmly establish $50 as support. Crypto traders and analysts will likely keep a close watch on INJ’s price action around the $60 resistance level for confirmation of continued upside momentum.

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Rudolph Waltz
Rudolph Waltz

Journalist. 2 years working in a local newspaper in Karlsruhe, Germany. Now Rudolph is engaged in writing analytical articles for the cryptocurrency market. He creates an analysis of ICO-projects, conducts research, and does surveys on the crypto-market.