thecoinrepublic.com
Injective (INJ) crypto has grabbed attention with its current market move. It trades close to the declining trendline barrier of the channel, close to $20.
Notably, INJ price was dealing closer to the make-or-break zone and aimed for a breakout. INJ has been moving within a channel for the last three months, consistently facing resistance at the upper region.
Meanwhile, it seems like the correction phase has ended, and the altcoin is ready to shoot in the coming sessions.
Injective Price Prediction — Analysts Perspective
Prominent crypto analyst Phrex tweeted it is ideal to monitor the token’s moves as it is cruising toward a breakout. Rekt Capital, corroborated this assessment, and highlighted that the crypto had been trading inside the channel and that a breakout was imminent.
Pay attention anon $INJ pic.twitter.com/UgMPQR7ZeR
— Phrex (@CryptoPhrex) September 16, 2024
Per the weekly chart analysis, a close above the $20 mark could be enough to trigger an upbeat swing.
Per the Fibonacci retracement levels, INJ crypto is close to surpassing the 38.2% level and attempts for a pullback.
Typically, a falling wedge pattern indicates a bullish reversal pattern, highlighting low selling pressure and that buyers are accumulating gains.
$INJ
— Rekt Capital (@rektcapital) September 14, 2024
Injective has been developing this channel for months
A Weekly Close above the light blue diagonal resistance could be enough to kickstart a new uptrend
INJ will coil as close to the apex of this structure as possible in preparation for a breakout#BTC #INJ #Injective https://t.co/ceLPK6lUIx pic.twitter.com/CGyoq6ih6J
At press time, Injective was trading at $18.90 with a little drop of over 0.28%, representing mixed cues. With a market cap of $1.81 Billion, altcoin is placed at 44th position among the top 100 crypto.
Technical Indicators Standpoint
The RSI curve portrayed a neutral reading of 50.16. Meanwhile, the CMF indicator reading displayed a rise in inflows. Its value crossed the zero line at the 0.06 mark.
Nevertheless, amid the increased investor optimism, a confirmation is still due, and the altcoin has struggled to sustain above the 20-day EMA mark.
A daily close above the $20 mark would validate the channel breakout and could see a surge toward $22, followed by a $25 level in the coming sessions.
TVL has been flat over the past two weeks at around $41 Million, conveying a neutral outlook among investors. Note that a significant drop was observed in the TVL over the past three months.
The Futures Open Interest (OI) data witnessed is up 3.41% to $90.15 Million in the past 24 hours. Since September 14th, the OI-weighted funding rates have remained positive, which signifies that market participants are anticipating a rise.
INJ price should rise above the $20 mark for a clear breakout. Failing to do so would drive INJ crypto toward the $15 mark in the coming sessions.