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Analysts are highlighting a bullish flag pattern breakout in Injective capturing attention as it suggests further upsides. Now trading at $22.7, the cryptocurrency is poised to break above to more high targets, with a midterm price forecast of $66.
Analysts Eyes $100 for Injective as Bullish Flag Pattern Breakout Occurs
Crptyo analyst Captain Faibik’s highlights a bullish flag pattern breakout for Injective implying further upside.
Injective is currently breaking out of a descending channel, usually a reversal from a downtrend to an uptrend. This is a breakout in momentum, and if this continuation could hold, we could see a very nice rally.
$INJ Descending Channel Breakout is Done in 1D Timeframe✅
— ZAYK Charts (@ZAYKCharts) November 8, 2024
Expecting 80-100% Bullish Wave📈#INJ #INJUSDT #Crypto pic.twitter.com/6Y1B50ZR5R
He opines that a target price of $66 should be a reasonable midterm price target. When a breakout occurs within a bigger bullish flag pattern, it usually indicates accumulation ahead of a more radical move.
As Injective rallies upwards a step beyond the established support, we see an indication that the buyers step in. They tend to push the price higher to get it closer to the $66 target in the near future.
Another analyst, Aqua, also highlighted a bullish development for Injective. The crypto broke above the 200-day moving average for the first time since April.
An upward move above a major technical level often portends a trend reversal It may signal it’s time to brace for bullish leadership.
Analyzing the chart, Aqua found strong potential for Injective. According to them, the chart is one of the best in crypto. Also that the price will surge above $100 in a few months.
Technical Levels and Indicators Point to Bullish Momentum
On the bullish side, Injective was trading at $22.7, up 6.55% today. The token is heading towards the key resistance at $34.00 now, creating a possibility for a very steep rise.
A close above the $22.5 level will add momentum to a clear upward trajectory. It will take the token to higher targets in the coming weeks.
Currently, the Chaikin Money Flow is at 0.23, which implies strong buying pressure over INJ and indicates a net capital inflow.
The positive reading on the CMF validates that traders are buying into positions before the prices rise further. The Awesome Oscillator is also showing a mix of green and red bars, the green ones growing stronger, indicating a consolidation of bullish momentum.
The AO continues rising, which may confirm rising buying interest and support a rally towards the resistance level at $34.00.
Funding Rate Surges Amid Upward Price Trend
On Funding Rate, the price of Injective is represented by a yellow line, which has been trending upwards in particular from late October to November.
The green and red bars depict the funding rate, which oscillates around zero, signaling demand for long and short positions at some times and little or no demand on other occasions.
During the whole period, the funding rate often went into negative territory, especially around late August and early September, suggesting stronger demand for short positions during those periods.
Nevertheless, the latest data reveals a positive trend of the funding rate since it has been above zero consistently since early October, which suggests that the long positions are gaining momentum. It could be a sign of rising bullish sentiment from traders along with the token price rise.