Is Injective (INJ) Price Ready for a Breakout? Here are Key Levels to Watch

INJ’s price has been moving sideways lately, forming a triangle pattern on the charts. Traders are keeping a close eye on this pattern since the price is getting squeezed to a point where it needs to make a move.

Cryptocurrency traders are keeping a close eye on Injective (INJ) as the price forms a triangle pattern on the charts. The price is getting squeezed to a point where it needs to make a move, either breaking out or breaking down.

As reported by cryptoSlate earlier this week, top analyst DevKhabib, with over 44,000 followers, shared his thoughts on INJ, suggesting that the price will break through the triangle and reach $40.

The price is currently trading between two lines, both of which are moving towards each other, forming a triangle pattern. One line is acting as resistance, running extensively from the top, and the other is support, coming up from the bottom.

Such movement is generally experienced when the market is having a hard time deciding which direction it has to take in the future. These triangle patterns usually end with a strong move in one direction.

The price action shows that buyers and sellers are at a standoff right now. No one’s really taking control, but that usually changes once the triangle pattern completes.

The Injective price is having trouble pushing past $28-$30. A break above this resistance could potentially trigger a surge towards the $40 range, as suggested by DevKhabib.

INJ Support Zones to Monitor

The price of Injective has tested support levels around the lower trendline of the triangle multiple times, showing that the $20 mark is a significant level to watch.

This area has acted as a support zone, and any sustained drop below this level could result in a move towards lower price zones. As per the chart, there is also some support at lower price levels of around $16 and $18 which if the price goes to lower ranges could assist in honing the volatility that exists.

Having these crucial support zones traders will be focused on how the price behaves as these zones are being approached. Breaking of the lower trend line might result in a bearish reversal that might decrease the price whereas retentions above this threshold might act as a building block in subsequent breakout.

The post Is Injective (INJ) Price Ready for a Breakout? Here are Key Levels to Watch appeared first on CryptoSlate.