Injective Price Forecast: INJ to provide buy opportunity before skyrocketing 25%
- Injective price faced resistance at $36.10 and is currently undergoing a pullback.
- Investors can expect INJ to retrace lower and retest the $33.45 support level.
- A twelve-hour candlestick close below $30.29 will invalidate the bullish thesis.
Injective (INJ) price shows signs of exhaustion as it approaches a key level. However, lack of momentum could lead to a minor dip that will provide an opportunity for sidelined buyers to accumulate INJ.
Read more: Injective Price Prediction: With $40 as a magnet, INJ could rise 20% if this happens
Injective price traders need to be patient
Injective price created the $30.29 to $41.92 range in January and has been moving sideways for quite some time. The recent attempt at an upswing faced rejection at the aforementioned range’s midpoint at $36.10.
This rejection could push INJ down to the $33.45 support level, which is where sidelined buyers can accumulate the altcoin. A bounce here should breach $36.10 in a volatile fashion, potentially over the next week.
The Relative Strength Index has flipped above the 50 mean level, and the Awesome Oscillator is close to doing the same, which suggests that bulls are primed. A spike in buying pressure could not only flip $36.10 but also propel Injective price to retest the range high of $41.92. This move would constitute a 25% gain from the current level of $34.78.
Also read:
INJ/USDT 12-hour chart
Regardless of the optimism, if Injective price produces a twelve-hour candlestick close below $30.29, it will invalidate the bullish thesis due to the production of lower. In such a case, INJ could slide nearly 9% and tag the next key level at $27.61.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
