Vanar Chain (VANRY) and Injective (INJ) Uptrends Halt as Key Support Levels Break: What’s Next for Prices?
In the latest Rekt Capital newsletter, the analysis of two cryptocurrencies, Vanar Chain and Injective, provides insights into their recent market movements.
Recently, Vanar Chain (VANRY) has shown a significant development by breaking its macro downtrend (illustrated in black). However, it appears to have faced challenges during its post-breakout retest, as marked by the orange circle.
Last week, VANRY closed below the macro downtrend, which prevented it from reclaiming that level as support. If the price can maintain its current levels for the remainder of the week, there is potential for VANRY to position itself for another attempt at retesting the macro downtrend. This retest is crucial; a successful one could pave the way for a new macro uptrend over time.
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Show more +Injective Could Dip Further for a Retest
The analysis also revisits the situation with INJ, which was previously noted for consolidating within its downtrending channel (depicted in light blue). Following a breakout, INJ surged directly into a resistance level at $23.46, where it faced rejection.
In last week’s analysis, the expectation was set for a retest of the pattern’s top, which has since been confirmed (shown by the blue circle). Currently, INJ has validated its breakout from the downtrending channel but is now in a potential re-accumulation phase within the defined range of $18.02 to $23.46 (indicated by the black range).
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There remains a possibility for Injective (INJ) to dip into this range for a retest, and a volatile retest could even bring the price back to the top of the downtrending channel (light blue) for another breakout attempt.
The focus is on solidifying support around the confluent support area represented by the black range low and the top of the downtrending channel. Maintaining this support would set the stage for a move toward the range high (orange) over time.
This comprehensive analysis of VANRY and INJ highlights the intricate dynamics within their respective markets, emphasizing the importance of key resistance and support levels.
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