INJ Poised For Potential Rally As Key Support And Resistance Hold

Injective (INJ/USDT) has had a recent surge with the price reaching a high price of $26.50 before a downward move.

Per technical analysis consolidation is likely, with resistance and support levels determining the next INJ price moves

Analysts foresee a positive long-term move for INJ if the price manages to hold up support zones and break through resistance levels.

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Bollinger Band Breakout and RSI Indications

Currently, INJ broke above the upper Bollinger Bands, reaching new highs of $26.50 indicating that buying signals are strong. A break above the upper Bollinger Band is normally followed by market bearish reversal.

1-day INJ trading chart|source tradingview

This market reversal was seen when the price retreated to $23.71 implying profit-taking from traders.

RSI is at 58.41 now, so INJ is still in moderately bullish territory although the value is not extremely far for an overbought status.

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This RSI level indicates there is more upside from current prices. It also points to weakening buying pressure as the price moves to the overbought region.

If the RSI starts falling it could indicate that it may be time for consolidation meaning that INJ could find support before the next move.

The immediate resistance level for the INJ stands at $26.50. A breakout above this level especially with high trading volume may indicate that the trend is likely to continue up.

On the downside, the price is expected to find support at $20.56 which correlates to the middle Bollinger Band line and the 20-day SMA could serve as a bullish support if the price falls lower.

Analyst View: Cryptodoc_ Expects Bounce from Support Zone

According to analyst Cryptodoc_, INJ is currently retracing toward a key support zone marked as a green box on the chart, around the $23.00 level.

This area is considered a potential bounce point, where renewed buying interest could support INJs next upward move.

$INJ Update

This is one of our Long-term HODLs.

Price is retracing towards the green box.

I'm expecting to bounce from the box.

Once we break the pink box, we are in for a big pump.

Believe INJ can easily cross 3 digits this bullrun.

Good luck ????

— CryptoDoc (Gem Hunter????) (@cryptodoc_) November 13, 2024

A successful bounce from this level could indicate that buyers are defending this zone, reinforcing it as a crucial support level.

INJ/USDT chart|source X

Cryptodoc_ highlights a resistance area around the pink box, which is located above $30.00. Breaking above this resistance zone would mark a significant bullish continuation and potentially trigger a stronger uptrend.

This level is seen as a critical barrier where sellers may emerge. But clearing it could signal the beginning of what Cryptodoc_ describes as a big pump.

If the green support zone holds and INJ breaks through the pink resistance zone, it could pave the way for a major rally.

Traders may watch these zones closely to determine INJs strength and direction in the coming weeks.

Long-Term Target and Bull Market Potential

Cryptodoc_ holds a highly optimistic view of INJs potential in the current bull market. He suggests that the asset could eventually cross into three-digit territory, exceeding $100.

This target reflects the analyst‘s belief in INJ’s ability to capitalize on broader bullish sentiment in the cryptocurrency market.

Achieving this level would require sustained buying interest and successful navigation of key resistance levels.

The long-term target of $100 aligns with the analysts expectation that the current support and resistance levels will act as stepping stones for further gains.

However, this ambitious target is contingent on INJ maintaining its momentum, particularly by clearing the $30.00 resistance level.

Traders and investors will likely monitor these levels, along with overall market conditions, to gauge whether INJ can sustain its upward trajectory.

Cryptodoc_ emphasizes patience, noting that while short-term fluctuations are expected, the broader trend remains positive for long-term holders.

If INJ successfully clears the resistance zones and maintains its upward momentum, it could see substantial gains as the bull market continues.