Injective price could retest $50 as INJ bulls try to overcome critical resistance level


  • Injective price looks primed to break from its two-month consolidation.
  • Investors could expect a near-20% rally from INJ in the near future.
  • A 12-hour candlestick close below $34.15 will invalidate the bullish thesis.

Injective (INJ) price has been coiling up in a tight range for more than two months. But the recent developments suggest INJ is readying for a massive volatile breakout rally in the next two weeks.

Also read: Injective Price Forecast: INJ to provide buy opportunity before skyrocketing 25%

Injective price edges closer to an uptrend 

Injective price set up the $31.09 to $43.40 range in early 2024 and has been trading inside it for more than two months. In this tight range, INJ has produced lower highs, which can be connected using a trend line, revealing a declining resistance level. This hurdle was breached on February 27 as INJ rallied 13% to retest the range high at $43.40. This positive development is likely to lead to a breakout int he near future, which could result in handsome gains for investors.

Ideally, a swift breakout and flip of the $43.40 resistance level into a support floor could result in a retest of the 161.8% Fibonacci extension level at $51.01. Such a move would constitute a nearly 19% gain for investors from the current level of $42.75.

The Relative Strength Index has just retested the overbought zone, which should be alarming considering that we're in an uptrend. In bull markets RSI tends to remain in the overbought conditions for longer durations. The Awesome Oscillator has also started producing green histograms above the zero level, suggesting the dominance of bullish momentum. Both the momentum indicators are pointing to a bright future for Injective protocol. 

INJ/USDT 12-hour chart

INJ/USDT 12-hour chart

While the optimism for Injective price is logical, investors need to be cautious of Bitcoin-driven sell-off. In case this outlook does come to pass and INJ produces a twelve-hour candlestick close below $34.15, it will invalidate the bullish thesis. Such a development could create a lower low and  create a lower low and shift the odds in bears' favors, causing investors to sell. Under these pessimistic circumstances, the Injective price could drop 9% and revisit the range low at $31.09.


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

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.

More TRON News

XRP fails to break past $0.50, posting 20% weekly losses

XRP fails to break past $0.50, posting 20% weekly losses

XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22. 

More Ripple News

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

More Bitcoin News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP