Injective (INJ) has recently made a breakthrough that may signal the start of a new upward trend. This article highlights the key points of this movement.
Breakthrough of Resistance Level
INJ has finally broken above the upper resistance line of the descending channel, as seen on the charts. This breakout occurred with a strong bullish candle, pushing the price to around $13.05. This event indicates a potential trend reversal.
Technical Indicators and Their Significance
The technical indicators on the 5-hour chart show strong upward momentum, although there are signs of potential correction. Key metrics include:
- RSI (14): 79.507 - overbought, cooldown may follow. - Stochastic (9, 6): 69.018 - buy signal but nearing overbought levels. - MACD (12, 26): 0.477 - bullish crossover confirms upward pressure. - CCI (14): 186.7732 - strong trend favoring bulls, but pause may be due. - ATR (14): 0.4221 - high volatility, expect larger price swings.
Future of Injective Price
Given that INJ has exited the descending channel, the next important resistance level is around $15. If the price tests subsequent support levels and shows a bounce, it would confirm the upward trend and open the door for further gain.
Injective (INJ) price has shown significant movement, but its future direction depends on confirming the new support level. The market remains volatile, and investment decisions require a cautious approach.
