Injective (INJ) token has caught traders' attention, showing signs of emerging from a prolonged downtrend. Today, the token's price surged over 15%, trading around $13.75.
Injective Downtrend Break
Injective spent much of 2023 under significant bearish pressure, forming consistent lower highs and lows. A descending trendline marked the upper boundary of this decline. In recent weeks, the price of INJ has broken above this trendline, marking the first instance of a higher low on the weekly chart since the selloff began.
Key Support and Resistance Levels
The token's price is currently positioned between local support at $13.00 and immediate resistance at $14.80. This zone has served as a barrier to upward continuation in prior trading sessions. If the INJ price holds above $13.00, the structure remains intact. Upside targets include $15.50 and $17.00, while failure to maintain the $13.00 level could lead to a decline towards lower support levels.
Prospects for Future Growth
The current trend remains positive, but confirmation of upward movement requires increased trading volume. Interest in a new bullish trend persists, especially with the ongoing development of the Injective ecosystem. Traders are closely watching resistance levels at $15.50, and a successful breakout above this level could pave the way for moves towards $17.00-$30.00.
The situation surrounding the Injective token suggests the possible beginning of a new upward trend. Traders and analysts will monitor price dynamics and trading volumes for the next significant signals.
