Injective (INJ) Rallies 7.49% as Breakout Rally Targets $33

As the Injective (INJ) token gives a bullish breakout of a falling channel, will buyers prolong the rally to cross $30?

In the past 24 hours, the INJ token has surged 7.49%, currently trading at $23.17. With a market capitalization of $2.27 billion, the Injective protocol has witnessed a 12.76% increase over the past seven days. The recent breakout rally has extended the bull cycle, but will it be enough to propel the token beyond $30?

Boost in Confidence Among Injective Protocol Whales

Recently, the Injective protocol token made news with Santiment tweeting about altcoins that had seen a price anomaly after a transition in whale exchange wallets. In the post, Santiment highlighted that altcoins such as Injective, Render, and Polygon witnessed a series of price anomalies. This comes with the whale exchange wallet supply suddenly shifting to cold wallets, reflecting a boost in investors’ confidence. 

Specifically, Injective whales have been gradually shifting to cold wallets since August last year. The ratio for top exchange-to-non-exchange wallet holdings for Injective stood at 0.01416 in mid-September. 

INJ Price Analysis

The falling channel pattern started with the correction phase in late March, leading to lower highs and lower lows in a parallel channel. The downfall took support at the $14.60 support level and led to a sideways shift, eventually leading to a trend reversal. 

Injective Price ChartInjective Price Chart
Injective Price Chart

Furthermore, the ongoing bull cycle completes the rounding bottom reversal with a neckline at 23.60% Fibonacci level at $23.42. It accounts for a price jump of almost 46% over the past 18 days, from the bottom of $15.90 on September 8. 

The recovery rally is challenging the 23.60% Fibonacci level and the 200-day EMA. Currently, the Injective token is trading at $23.17, with an intraday gain of 3.18% from the opening price of $22.46.

The recovery run is also influencing an uptick in the 50-day EMA, increasing the likelihood of a golden crossover if the momentum sustains. Furthermore, the MACD indicator shows a bullish trend in the average lines, with a constant rise in positive histograms.

Injective Protocol Bull Run Targets

Based on the Fibonacci levels, a rounding bottom breakout, surpassing the crucial Fibonacci resistance, is likely to challenge the 50% Fibonacci level at $33.27. 

Meanwhile, supporting the bullish trend, analyst Rekt Capital highlighted a falling wedge pattern in the INJ weekly price chart during the correction phase.

However, in the recent bull cycle, the Injective protocol token has given a bullish breakout of the falling wedge pattern. According to Rekt Capital, a weekly close above this bullish wedge could reach the apex of this structure, which stood at $28.

Meanwhile, based on the current 100- and 50-day EMAs, the support levels in case of a bearish sentiment are $21.05 and $19.89.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Source: https://thecryptobasic.com/2024/09/26/injective-inj-rallies-7-49-as-breakout-rally-targets-33/?utm_source=rss&utm_medium=rss&utm_campaign=injective-inj-rallies-7-49-as-breakout-rally-targets-33