Injective (INJ) Retests Support After Breakout, Poised for Potential Rally

Injective (INJ) is currently positioned at a critical level after last week's impressive breakout, which saw the token gain over 25% in just seven days.

CryptocurrencyInjective (INJ) price is currently positioned at a critical level following an impressive breakout last week, which saw the token add over 25% in just seven days. Among the rising altcoins, INJ is becoming increasingly important to watch in a market characterized by volatility and uncertainty.

The token is being closely monitored by analysts and investors alike, as it demonstrates resilience and potential for further gains. If Injective manages to maintain its current level, it could be poised for a breakout toward even higher prices, making it a standout performer in the crypto market in the coming weeks.

Injective Retest After Breakout

After the breakout last week, INJ has now retraced to the previous resistance at $20.30, which is being tested as support — a classic signal for bullish continuation. This retracement is being closely watched by traders and analysts, as it could set the stage for the next leg up in INJ’s price.

Crypto analyst and chart expert Long Term shared a detailed analysis on X, highlighting this retest as a key moment for Injective. According to the analysis, this healthy retrace sets the stage for a potential breakout, provided that the $20.30 level holds strong support.

If this support level is confirmed, analysts are optimistic about INJ’s prospects, with price targets around $25 being mentioned for the coming weeks. The ongoing consolidation and testing of support are crucial steps in building momentum for Injective’s next move up.

As the broader market continues to show volatility, INJ’s ability to maintain its key levels will be instrumental in determining its near-term trajectory. Investors are advised to watch for confirmation of this support level, as it could signal the start of another rally for Injective, making it one of the altcoins to watch in the crypto space.

INJ Key Levels Before Hitting $25

Injective (INJ) has shown impressive strength by successfully breaking above and tagging the 4-hour 200 exponential moving average (EMA) from the upside. This key indicator, currently at $20.22, is a crucial signal of INJ’s bullish momentum. For the uptrend to continue, INJ must maintain its price above $19.5 and secure a close over the 4H 200 EMA.

If these conditions are met, INJ’s next target will be the recent highs set last weekend at $22.98. Breaking above this level could pave the way for a challenge to the $25 supply zone, representing a significant resistance level.

While some sideways consolidation might occur first, holding above the 4H 200 EMA and the $19.5 support level will be key for INJ to reach these higher price targets. The upcoming price action around these levels will be critical in determining INJ’s next move.

The featured image has been generated using Dall-E, and the chart is sourced from Tradingview.com

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