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Injective (INJ) has been outperforming the broader crypto market in recent hours, gaining over 19% since Monday, while most cryptocurrencies have experienced declines of 2% to 4% since yesterday.
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This strong performance comes after the altcoin broke through the $18 resistance level, signaling bullish momentum. Investors and analysts are now eyeing higher prices for INJ, with some suggesting it could be poised for even more significant gains shortly.
However, INJ must test key supply levels and establish support within critical demand zones for this uptrend to continue. The current optimism surrounding Injective is backed by encouraging price action, but sustained upward movement will be needed to confirm a lasting trend.
As the market watches closely, INJ’s ability to hold these levels may determine its potential for further growth in the coming days.
Injective Setting New Local Highs
Injective (INJ) has experienced a strong surge after days of choppy and uncertain price action. Now, trading above the 4-hour $18 resistance, the altcoin has ignited excitement among investors and analysts, who believe INJ could be a top performer in this market cycle.
One notable analyst, Crypto General on X, has shared his technical perspective on INJ, setting high expectations for a $53 price target in the coming months. His analysis points out that INJ is currently rebounding from its lower trendline support, a critical level that has served as a foundation for this rally.
According to Crypto General, INJ could experience a powerful upward movement if this support holds. However, he also warns that if the price fails to maintain this level, we could see a decline toward the $14 range, which would signal a reversal of recent gains.
Investors are carefully watching this development, as INJ’s recent price action could set the stage for more significant moves in the near term.
The key will be whether INJ maintains its momentum and breaks through resistance levels. If bulls can push the price above its next resistance zone, a rally toward the mid-$20 range could be on the horizon, further solidifying its position in the market.
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As the market establishes its direction, price action in the coming days will play a pivotal role in determining INJ’s performance in the weeks ahead. Whether it continues to rise or faces a pullback will likely depend on broader market conditions and the ability of bulls to sustain upward momentum.
INJ Price Action Details
INJ is trading at $19.38 after a significant surge from yearly lows near $15. This upward movement has propelled the price above the 4-hour 200 exponential moving average (EMA) at $18.41 for the first time since late August.
The 4H 200 EMA is a crucial indicator of short-term market strength. If INJ can successfully retest and hold above this level, it would suggest a bullish continuation, signaling that further upward momentum is likely.
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Maintaining this position above the 4H 200 EMA would allow INJ to target higher price levels, with resistance and supply zones near $23 as the next key hurdle.
However, if the price fails to hold this level and loses support at $18, a retrace toward lower demand zones around $16 could occur. In the short term, how INJ behaves around the 4H 200 EMA will be pivotal in shaping its next price action phase.
Featured image from Dall-E, chart from TradingView