2024-10-1 18:30 |
Top analyst Crypto Feras on X shared insights on the Injective’s price chart, signaling key price levels and a promising outlook for the token.
Feras’ analysis points to a potential breakout above $30, with $44 being the next target. However, there are also key support levels to watch for, which, if lost, could see INJ’s price dip.
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Key Support and Resistance Levels for Injective (INJ)Crypto Feras highlighted two critical levels for Injective. The primary support level lies at $17, which serves as a foundation for the current bullish trend.
According to Feras, losing this level would open the door to a potential drop to $13.55. However, he maintains that this scenario is less likely, given the strength of the current price action.
On the upside, the next key resistance stands at $30. This level needs to be flipped for the bullish trend to continue, with a potential upward target of $44.
Image Source: X/CryptoFerasCurrently, INJ is trading around $23.52, and the bullish sentiment is supported by a bullish deviation/reclaim pattern, as noted by Feras. This pattern often signals a reversal in the price trend, suggesting the potential for further upward movement if resistance levels are broken.
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Show more +Show less – Injective (INJ) Price Action and Bullish DeviationCryptoFeras chart indicates that Injective’s price has formed a bullish deviation, where the price briefly dipped below key support but has since recovered, reclaiming that level. This development is significant for bullish traders, as it often suggests a continuation of the upward trend.
The analyst reinforces his bullish bias, stating that flipping $30 could propel the price to $44 while dropping below $17 would target $13.55. Despite acknowledging the downside risks, Feras remains confident, citing his large long position and a 176.35% return on investment through a 10x leverage trade.
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INJ Next Targets and Market OutlookAccording to CryptoFeras’ chart, the $30 resistance level is a critical hurdle for Injective’s price. If this level is breached, Feras anticipates the next target at $44, which would mark a nearly 100% price increase from current levels. This scenario aligns with his ongoing bullish outlook for the asset.
Conversely, if the price falls below $17, the next support at $13.55 would come into play. However, this bearish scenario is viewed as less likely, given the strong momentum in the current rally and the bullish reclaim pattern on the INJ chart.
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The post Analyst Highlights Next Key Levels for Injective (INJ) as Rally Continues, Anticipates 100% Price Surge appeared first on CaptainAltcoin.
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