- After a sharp 32% drop last week, Injective showed signs of recovery with a modest gain of 0.64% recently.
- Crypto analyst Jonathan Carter predicts INJ could rally to $36 if it breaks above the descending channel’s resistance at $23.
- Carter’s analysis suggests INJ is in a critical phase, with potential bullish momentum as it hovers near key levels.
Injective (INJ) is catching the eye of both analysts and investors, many of whom are predicting that the token is teetering on the verge of a breakout. This comes off the back of a period of notable volatility, which saw INJ face a sharp downturn before showing early signs of recovery
Over the past week, INJ dropped significantly by nearly 32%, raising concerns regarding the token’s short-term stability. Surprisingly, though, INJ managed to squeeze out a meager gain of 0.64% over the past week. This small rise has been interpreted to be a potential reversal indication, signaling an uptrend could be forthcoming.
Currently, the price of INJ stands at $17.92, with a 24-hour trading volume of $255.03 million. The token has a market cap of $1.67 billion, ensuring a market dominance of 0.08%. Despite the latest 3.64% drop in price on a 24-hour chart, the trading activity for INJ indicates that investors are keeping a close eye on the coin, watching for its imminent rally.
Injective (INJ) Set for Major Move, Targets $36
Crypto analyst Jonathan Carter recently shared an optimistic forecast of Injective’s future price movement, which may attract injective attention among market enthusiasts. According to Carter, INJ has been in a phase of consolidation near an important support area, unleashed within a falling channel.
This comes off the back of a sturdy bounce off the lower boundary of this said channel, which could be indicative of hidden bullish momentum. Carter pointed out that the next critical target for INJ lies at the channel’s descending resistance, which is near the $23 mark. This level has been viewed as one of those humps that will set the next chapter of price trajectory for INJ.
The real excitement, however, lies in what could happen if Injective manages to break above this descending channel. A breakout could propel INJ towards the $36 level in the coming weeks, offering a promising upside for those eyeing the token’s potential.
As the market keeps a close eye on these developments, this analysis paints a positive picture for INJ. For now, all attention will be on INJ as it hovers around critical levels, with traders waiting eagerly for the next key moves in this evolving narrative.
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