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Cryptocurrency News Articles
Analyst Highlights Next Key Levels for Injective (INJ) as Rally Continues, Anticipates 100% Price Surge
Oct 01, 2024 at 11:30 pm
Top analyst Crypto Feras on X shared insights on the Injective's price chart, signaling key price levels and a promising outlook for the token.
Top crypto analyst Crypto Feras on X has shared his analysis on Injective’s price chart, highlighting key price levels and providing his price targets for the token’s upcoming performance.
Feras’ analysis signals a potential breakout above $30, with $44 being the next target. However, there are also key support levels to watch for, which if lost, could see INJ’s price drop.
Recently, Feras’ analysis predicted Injective’s rally, and now, as the token continues to surge, his analysis could provide valuable insights for traders interested in the next price targets.
Crypto Feras’ Key Support and Resistance Levels for Injective (INJ)
Ferasses Crypto’s analysis identifies two critical levels for Injective. The primary support level is at $17, which serves as a foundation for the current bullish trend.
Losing this level, according to Feras, would open the door to a potential drop to $13.55. However, he notes that this scenario is less likely, given the strength of the current price action.
On the upside, the next key resistance stands at $30. This level needs to be flipped for the bullish trend to continue, with a potential upward target of $44.
Currently, INJ is trading around $23.52, and the bullish sentiment is supported by a bullish deviation/reclaim pattern, as noted by Feras. This pattern often signals a reversal in the price trend, suggesting the potential for further upward movement if resistance levels are broken.
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Injective (INJ) Price Action and Bullish Deviation
CryptoFeras’ chart shows that Injective’s price has formed a bullish deviation, where the price briefly dipped below a key support level but has since recovered, reclaiming that level. This development is particularly significant for bullish traders, as it often suggests a continuation of the upward trend.
The analyst further highlights his bullish bias, stating that flipping $30 could propel the price to $44, while dropping below $17 would target $13.55. Despite acknowledging the downside risks, Feras is largely bullish on INJ, with a large long position and a 176.35% return on investment through a 10x leverage trade.
INJ Next Targets and Market Outlook
As per CryptoFeras’ chart, the $30 resistance level is a crucial hurdle for Injective’s price. If this level is breached, Feras anticipates the next target at $44, which would mark a nearly 100% price increase from current levels. This scenario aligns with his ongoing bullish outlook for the asset.
On the other hand, if the price drops below $17, the next support at $13.55 would come into play. However, this bearish scenario is deemed less likely, considering the strong momentum in the current rally and the bullish reclaim pattern on the INJ chart.
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