CandleFocus Injective (INJ) Rallies 7.49% as Breakout Rally Targets $33
2024-09-26
Author: Content Editor
The Injective (INJ) token has experienced a bullish breakout of a falling channel, with its market capitalization reaching $2.27 billion. This breakout rally has extended the token's bull cycle, prompting speculation about whether it will surpass $30. The price anomalies experienced by altcoins like Injective, Render, and Polygon, after a transition in whale exchange wallets, have boosted investor confidence. The token has gradually shifted to cold wallets since August last year, indicating increased investor trust. The recovery rally has challenged the 23.60% Fibonacci level and the 200-day EMA, with a potential golden crossover and a bullish MACD indicator. The next resistance lies at the 50% Fibonacci level of $33.27. Rekt Capital has also identified a falling wedge pattern in the INJ weekly price chart, with a potential apex at $28. Support levels in case of a bearish sentiment are $21.05 and $19.89.
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