In the latest newsletter from Rekt Capital, analysts provided an in-depth examination of two cryptocurrencies: Vanar Chain (VANRY) and Injective (INJ).
Vanar Chain Analysis
Rekt Capital highlighted recent developments surrounding Vanar Chain, specifically its Falling Wedge-like structure. The analyst noted that VANRY needed to retest the significant support level of $0.088 to continue its upward trajectory. After achieving this retest, VANRY closed above the upper boundary of its blue pattern, confirming a breakout. Today's chart illustrated that VANRY successfully followed its projected green path, breaking free from the blue downtrending channel.
Injective Analysis
Shifting focus to Injective, the analysts recapped their earlier discussions about INJ's ongoing consolidation within a Downtrending Channel. Since those discussions, INJ managed to reclaim the critical $18.02 level, allowing it to break out from its Falling Wedge structure. This breakout led to an impressive 21% increase, bringing INJ closer to the orange Range High at $23.46. For further upward momentum towards the red-boxed resistance around $27.50, INJ needs to secure a weekly close above the orange Range High. Otherwise, there's potential for a pullback to the top of the Wedge.
Conclusion
In conclusion, despite the breakout signaling a potential new uptrend for INJ, the analysts suggested that INJ may need some time within this re-accumulation phase before building on its newfound momentum.
Analysts concluded that the current trends and support levels of the Vanar Chain and Injective cryptocurrencies might indicate new growth prospects in the near future.
Comments