Injective (INJ) Price Tests Major Levels – Can Bulls Break Through?

INJ is making waves as it approaches a pivotal resistance zone. Popular analyst Crypto Tony highlighted growing bullish sentiment on X (formerly Twitter)

Injective (INJ) has been making waves recently as it approaches a pivotal resistance zone. Popular analyst Crypto Tony has highlighted the growing bullish sentiment on X (formerly Twitter), stating, “Bulls are beginning to come alive finally.”

This development comes as INJ’s price edges closer to a crucial level, sparking speculation on its next potential move. Let’s dive into the technicalities to assess the support and resistance zones that could shape INJ’s price action.

INJ price action reveals a key horizontal resistance at the $30 – $32 range. This level acted as support before flipping into resistance during a broader downtrend. The weekly chart showcases an ascending structure, with higher lows forming a strong base for bullish momentum. The ongoing breakout attempt at this resistance level suggests heightened activity from buyers.

If bulls manage to secure a weekly close above this zone, INJ’s price could aim for targets around $40 – $50. However, the visible rejection in the form of wicks above the resistance indicates lingering selling pressure, making the upcoming price action critical.

Support Zones Maintain Stability

While the $30 – $32 range serves as a significant hurdle, INJ has established a strong support structure near $20 – $22. This zone has consistently acted as a base, enabling bulls to maintain their momentum during retracements.

The higher lows forming on the chart signal that buyers are steadily gaining control, reinforcing optimism. A pullback to this level, if it occurs, could provide another buying opportunity for traders looking to capitalize on the long-term trend.

Breakout Potential and Market Trends

The INJ chart indicates a breakout structure, with recent price movements aligning with a potential continuation of the uptrend. Although specific indicators are not visible, the price’s movement near resistance suggests growing market confidence. The bullish sentiment expressed in Crypto Tony’s tweet aligns with this technical outlook.

Traders and investors are closely monitoring whether INJ can sustain its upward trajectory and convert resistance into support. Success in this regard would open doors for further gains, while failure to break above could lead to a period of consolidation.

As INJ’s price tests major levels, market participants remain divided on the short-term outcome. A successful breakout above $30 – $32 could confirm bullish dominance, while a rejection may force the token to retest lower support zones. The next few weeks will likely determine INJ’s trajectory as it faces this pivotal moment on its price chart.

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