In the latest update, Rekt Capital discussed the current market structures of Vanar Chain and Injective, showing potential upward trends.
Current Market Structure of Vanar Chain
Vanar Chain (VANRY) is forming a Falling Wedge pattern and needs to retest the $0.088 mark as support to maintain its upward trajectory. Although the weekly closing price fell below the diagonal resistance of the blue pattern, VANRY remains positioned for a potential breakout retest at this level to establish new support.
Updates on Injective
Rekt Capital also provided updates on Injective (INJ). Previously, it was noted that INJ was consolidating within a Downtrending Channel. Since then, the price of INJ has seen some increases, reaching the upper boundary of this key pattern, setting the stage for a possible breakout. For a new uptrend to start, INJ needs to close above the upper limit of the channel on a weekly basis.
Expert Opinions
The ongoing retest for Vanar Chain is progressing well, which could allow VANRY to challenge the significant black Macro Downtrend. Successfully breaking through this downtrend could pave the way for a new Macro Uptrend. Additionally, as long as the Bullish Divergence remains in effect, VANRY is well-positioned to effectively contest the Macro Downtrend for a breakout opportunity.
The current market structures of Vanar Chain and Injective show potential for upward trends, which may lead to significant price breakouts in the future.
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