2024-10-3 22:00

In his latest update, Rekt Capital shared insights on the performance of Vanar Chain (VANRY). He noted that over the past few weeks, the focus on VANRY began when it was consolidating within its downtrending channel.

He emphasized that VANRY has recently shown positive movement, successfully closing above the macro downtrend line last week.

This development indicates that VANRY is currently undergoing a post-breakout retest, which is essential for confirming the end of the macro downtrend and the potential beginning of a macro uptrend. He pointed out that if the retest is successful, it would likely lead to a continuation of the upward trend.

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Injective Continues Range Bound Movement

Moving on to Injective (INJ), he recalled earlier discussions about its consolidation within a downtrending channel. Since then, INJ has made significant progress, breaking out from the pattern and rallying by 30% to reach the range high resistance at $23.46.

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However, he clarified that for Injective (INJ) to maintain its upward momentum, it must reclaim this range high as support with a weekly close above it, followed by a successful retest.

Until that occurs, INJ is expected to continue consolidating within the established range of $18.02 to $23.46, which may include a deeper pullback to facilitate a retest of the breakout structure

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