2024-6-8 21:15 |
Injective’s native token INJ has captured the attention of crypto traders as it resumed its journey towards reclaiming its all-time high. According to renowned crypto analyst Captain Faibik, a falling wedge breakout on the daily timeframe chart has been confirmed, signaling a potential rally to new record highs.
Captain Faibik’s chart analysis reveals that the price of INJ has been confined within a descending channel since the end of 2023. However, the token has successfully broken out of this pattern and has retested the resistance level, establishing a solid foundation for a major spike towards the top of the channel, which coincides with its all-time high of $52.7.
Technical Analysis by AltFINSCorroborating Captain Faibik’s findings, a trade setup analysis by AltFINS, a renowned crypto analytics platform, indicates mixed trends for INJ. While the price remains below the 200-day moving average of $31.70, a decisive break above this level and the $30 horizontal resistance could resume the token’s uptrend, unlocking a potential 30% upside to $40.
AltFINS’s analysis highlights that INJ is approaching resistance, a level where the price has historically faced rejection or has broken through prior support levels. Once the price breaks above this resistance, it can advance to the next resistance zone.
Source: altFINS – Start using it today
Key Levels and Trends
According to AltFINS, the short-term trend for INJ is bullish, while the medium-term trend remains neutral, and the long-term trend is strongly bearish. The token’s momentum indicators suggest that it is neither overbought nor oversold, based on the Relative Strength Index (RSI) levels between 30 and 70.
The nearest support zones for INJ are identified at $20.00 and $14.00, while the nearest resistance zones are at $30.00 and $40.00, respectively.
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The post Injective’s INJ Resumes Journey to All-Time High After Breaking Crucial Resistance: Key Levels to Watch appeared first on CaptainAltcoin.
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