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- 1 The Injective crypto has been experiencing an incline of 0.71% within the last 24 hours, and the current market price is trading at $34.361.
- 2 The Injective crypto structure has exhibited indications of a potential breakout daily chart.
As per the Coinmarketcap, the Injective Protocol blockchain functions on a Tendermint-based proof-of-stake (PoS) consensus mechanism, and its tokens are accessible on most major exchanges. Some include BITSTAMP, COINBASE, BITFINEX, KRAKEN, BINANCE, CRYPTO, and many more.
The Injective crypto illustrated a price rally around December 2023, as the price increased from $16 to $44 and nosedive after struggling to jump above, displaying buyers’ rejection from the supply zone.
Since the price did not advance above $44, this caused the price to end up in a gradually moving downward wedge and extended towards the strong support level at $31. The price showed some spikes from the support level and has crossed the dynamic resistance of EMA bands from below.
Upon observing the price structure depicted on the daily chart, Injective crypto has exhibited indications of a potential breakout, and the price action has probably built a bullish pattern known as a ‘falling wedge.’ A breakout is anticipated soon from the pattern for the upside.
The INJ token is almost ready for a sensational surge as it musters buyers’ strength to unleash the potential for the upside to topple the resistance level and soar to new or to retest the supply zone from the current base support.
Injective Crypto Is In The Wedge, Can It Break Out For the Upside?
Besides that, the Injective crypto’s price structure displays buying potential to continue increasing the price above the major trend 50, and 200-day EMA bands.
Nonetheless, the technical indicator in the INJ crypto asset also portrays bullish characteristics, as MACD shows a bullish crossover. The MACD line is at -0.132, the signal line is at -0.305, and the histogram is at 0.175.
Equally, the RSI curve is above the 14-SMA line and shows a positive environment for the price to expand upside. The RSI is currently at 49 and 14-SMA is at 48.
Upon digging deep into the daily chart, the price action highlights the overview for the INJ crypto asset. It illustrates bullish properties and exhibits so that it could thrust upwards in the coming sessions. In particular, its past price structure shows it has performed well in the last week and quarter by 3.12% and 109.52%, respectively.
At the time of publishing, the Injective crypto has been experiencing an incline of 0.71% within the last 24 hours, and the current market price is trading at $34.361.
Therefore, if the demand for the Injective increases with momentum, the asset price could continue advancing from the current level. The next goal for the price could be to reach the supply zone to retest it at $42, and the in-between hurdle would be $39.
Despite that, the other possibility would be that if the INJ token price fails to stay above the $31 level, it could drop to the lower bound of the wedge and shatter, which would cause a downfall.
Summary
In the daily time frame, Injective seems ready for a fantastic breakout rally sooner. It is anticipated that its price action has caused the formation of a bullish pattern called a falling wedge on the daily chart. It could signal that the bulls in the INJ price are gaining strength and could push the price above.
Technical Levels
Support Levels: $31
Resistance Levels: $39
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
