INJ Explodes to a New All-Time High, is a Correction Imminent? (Injective Price Analysis)


INJ surprised the market with a new all-time high at $27.6. At this rate, it’s interesting to explore the possibility of a correction and, alternatively, check which are the next targets for the cryptocurrency.

Key Support levels: $23

Key Resistance levels: $28, $32, $40 

1. Major Breakout

With a new ATH set, Injective is now in uncharted territory, which could see it quickly move higher. Buyers have dominated the chart all year with no end in sight.

Chart by TradingView

2. Key Targets to Watch

Based on this price action, the most important targets on the chart right now are $28, $32, and $40. There could also be a short correction before the rally continues to the breakout point around $23 which is also acting as support.

INJUSDT_2023-12-12_14-20-45
Chart by TradingView

3. MACD Bullish Momentum Intensifies

This breakout has turned the weekly MACD extremely bullish, with the histogram and moving averages rushing higher. Such a strong momentum has not been seen since the last bull market.

INJUSDT_2023-12-12_14-21-39
Chart by TradingView

Bias

The bias for INJ is bullish.

Short-Term Prediction for INJ Price

Volatility may increase after this breakout, and INJ could very well continue its rally to aim for $28 and $32 next.

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Cryptocurrency charts by TradingView.



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