• Injective price has dropped by around 40% after a rejection from $53.
  • With the demand zone holding as support, INJ could breakout to a new range high.
  • A break and close below $25 would invalidate the bullish thesis.

Injective (INJ) price has recorded two successive breakouts after prolonged consolidations. If history repeats or rhymes and the INJ bulls show up, the AI-powered cryptocurrency token could breakout to a new range high.

Also Read: Injective Price Forecast: Nearing a breakout towards $55

Injective price readies for a strong recovery

Injective price is down around 40% since the AI crypto coin was rejected at $53. However, INJ price continues to enjoy support due to the demand zone turned bullish breaker between $28.64 and $30.40.

With the Relative Strength Index (RSI) defending against further downside, Injective price could recover. Key levels to beat in a northbound directional bias were the $40 and $45 levels. A strong break above these levels could see Injective price recapture the $53 range high.

In a highly bullish case, INJ price could clear this blockade and record a new local top around the $55 or $60 threshold. Notably, the bullish thesis is contingent on the demand zone holding as support.

INJ/USDT 1-day chart

However, if sellers are able to pull the Injective price to close below the centerline of the supply zone at $29.53, it would confirm the continuation of the downtrend. This could see the AI token extend the fall, potentially as low as the $25 threshold. A candlestick close below this base on the daily time frame would invalidate the bullish thesis. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Solana price pumps 7% as SOL-based POPCAT hits new ATH, JITO becomes largest protocol on TVL metrics

Solana price pumps 7% as SOL-based POPCAT hits new ATH, JITO becomes largest protocol on TVL metrics

Solana (SOL) price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.

More Solana News

High hopes rouse for TON coin with Pantera as its latest investor

High hopes rouse for TON coin with Pantera as its latest investor

Pantera aims to introduce crypto to the masses with investment in TON blockchain. The TON blockchain has received significant recognition among crypto investors following recent partnerships and integrations. TON could see a rally following Pantera's recent investment.

More Ton News

Ethereum to break out of bearish move, ETH ETFs unlikely in 2024

Ethereum to break out of bearish move, ETH ETFs unlikely in 2024

Ethereum shows signs of recovery despite a second consecutive day of poor performance in Hong Kong's spot Ethereum ETFs. Bloomberg analyst James Seyffart has also shared that a spot ETH ETF may not happen in the US in 2024.

More Ethereum News

Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns

Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns

zkSNACKs, the company pioneering the development of Wasabi Wallet, has revealed plans to shut down its Coinjoin coordination service, effective from June 1, 2024. 

More Cryptocurrencies News

Bitcoin: BTC’s next breakout could propel it to $80,000 Premium

Bitcoin: BTC’s next breakout could propel it to $80,000

Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors. 

Read full analysis

BTC

ETH

XRP