• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Injective Price Analysis: Key Support and Breakout Levels

user avatar

by Giorgi Kostiuk

a year ago


The cryptocurrency Injective (INJ) is forming a triangular pattern on the chart, with traders eyeing it as it approaches a point where the price needs to move.

Injective Chart Analysis

The current INJ price is oscillating between two lines: an upper resistance line and a lower support line. This movement is common for markets that struggle to decide on a direction. Typically, these triangle patterns end with a strong move in one direction. Right now, buyers and sellers are at a standoff, but this may change once the triangle pattern completes. A break above the $28-$30 resistance could lead to growth up to $40, as suggested by analyst DevKhabib.

INJ Support Zones to Monitor

The price of Injective has tested the support levels around the lower trendline several times, indicating the significance of the $20 mark. This area acts as a support zone, and any sustained drop below it could lead to lower price zones. According to the chart, there is also support at the $16 and $18 levels, which may help stabilize price volatility.

Analyst's Bullish Forecast

Analyst DevKhabib's outlook for INJ is optimistic. He states that "it's just a matter of time" for the triangle breakout to occur with a target of $40. This is plausible considering the technical analysis showing that surpassing the resistance offers room for further price increases. It implies that maintaining supports and overcoming the current resistance could lead to significant upward movement.

Maintaining the current supports and breaking the resistance levels could lead to a noticeable INJ price increase. Meanwhile, traders continue to watch developments closely to determine the market's direction in the near future.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

CFTC Launches Pilot Program for Tokenized Collateral in Derivatives

chest

The US Commodity Futures Trading Commission has launched a pilot program allowing Ethereum, USDC, and Bitcoin as collateral in regulated derivatives to observe their behavior under stressed conditions.

user avatarMaria Fernandez

Investors Urged to Reassess Strategies Amid Bitcoin Volatility

chest

Investors are encouraged to review their portfolios and consider dollar-cost averaging in light of Bitcoin's recent price drop.

user avatarGustavo Mendoza

Challenges of Launching Aave V3 on MegaETH

chest

The governance proposal for Aave V3 on MegaETH faces challenges regarding security and user adoption.

user avatarRajesh Kumar

Potential Impact of Senator Lummis's Cryptocurrency Tax Reform

chest

The proposed legislation by Senator Lummis could ease compliance burdens for Bitcoin users, potentially increasing cryptocurrency adoption in daily transactions.

user avatarMiguel Rodriguez

Senator Lummis to Finalize Crypto Market Structure Bill Next Week

chest

Senator Cynthia Lummis announced her intention to proceed with the Responsible Financial Innovation Act bill next week during the Blockchain Association Policy Summit.

user avatarLuis Flores

Unconventional AI Secures $475M Seed Funding to Revolutionize AI Hardware

chest

Unconventional AI has raised $475 million in seed funding to develop energy-efficient AI hardware, positioning itself as a leader in the industry.

user avatarArif Mukhtar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.