|

Injective Price Forecast: Nearing a breakout towards $55

  • Injective price edges closer to a breakout as it trades around $43.
  • The short-term target for INJ bulls would be $51, but $55 could be reached soon.
  • A twelve-hour candlestick close below $34.15 would invalidate the bullish thesis.

Injective (INJ) price has been consolidating for more than two months and is now showing signs of breakout. Patience could see investors realize double-digit gains in the coming days.

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

Injective price ready to move higher

After more than two months of consolidation, the Injective price is close to breaching the $31.09 to $43.40 range. INJ has produced three distinctive lower highs inside this range. Joining these swing points using a trend line shows that the altcoin faced a lot of selling pressure. 

But the recent spike from buyers has pushed the Injective price to breach this declining resistance trend line level on February 27, resulting in a 13% rally. Interestingly, the liquidation event on March 5 knocked INJ down to retest this declining resistance level, confirming a successful flip into a support floor. 

Now, Injective price is hovering just below the range high of $43.40, attempting to overcome it. As Bitcoin slips into consolidation, altcoins are likely to break out. In such a case, INJ could trigger a breakout, which could result in a quick 17% rally to $51. Considering the said target is close to the $50 whole number, INJ would naturally gravitate towards this level, making this a high probability level for bulls.

If the buying pressure continues to pour in, the Injective price could shoot up to $55, representing a 28% gain. 

Read more: Injective introduces 'ERC-404' port to capitalize on the hype around the experimental token standard

INJ/USDT 12-hour chart

INJ/USDT 12-hour chart

On the other hand, if Injective price produces a twelve-hour candlestick close below $34.15, it would produce a lower low and invalidate the bullish thesis. Such a development could see INJ revisit the range low at $31.09, or a decline of 9%. 

Author

Akash Girimath

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.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations
Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach
Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.