Injective Network (INJ) has been unable to surpass crucial resistance levels between $15.909 and $16.30 since the beginning of the month. However, recent data suggests a potential breakout may occur soon.
Need to surpass $16.30
AMCrypto Alex noted that Injective has attempted several times to move beyond the $16.30 resistance level without success. Technical analysis shows that this level remains a barrier since early this month. Currently, INJ is trading around $15.41, and the region between $15.909 and $16.30 is a zone of strong resistance. However, the analyst believes that breaking above this mark could soon confirm the end of the downtrend.
Injective price updates
After a market rally during bull runs in November and early December 2024, Injective started a downtrend from mid-December to late January this year. INJ's price has been down 27.6% over the past month, but in the past seven days, it has recorded a 3.5% increase. The current price is $15.49 after a mild 0.9% rise over the past 24 hours. The formation of a falling wedge pattern suggests a potential breakout.
Potential for growth
Injective's derivatives maintain a neutral-to-bullish position, indicating the potential for a sustainable uptrend above $16.00. Despite the market correction, traders are confident of a potential rise soon, supported by positive sentiment and consistent buying pressure.
Given the current market dynamics and technical analysis data, Injective (INJ) may soon break above the resistance level and resume its upward trajectory.
