Injective Prepares for $10 Reanalysis – Is a Bull Market on the Horizon?
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Injective (INJ) appears to be gearing up for another challenge at the $10 resistance, as its price seeks to establish a critical support level. Analysts are noting that the cryptocurrency may be on the verge of a breakout and a significant bullish reversal.
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Injective Targeting $10 Challenge
In the past month, Injective has experienced a notable increase of approximately 43% from its 18-month low recorded on April 7. This surge saw the cryptocurrency rise from a low of $6.34 to reach the $10 mark, peaking at $10.63 over six weeks before a retracement occurred.
Following a high of $35.26 in Q4, INJ has faced a downward trend, with a decline of nearly 75% over the past six months. Analyst Crypto Rand pointed out that the token has attempted to escape this downtrend but has encountered significant resistance within the $9.5 to $10 range.
After its recent rise, Injective was rejected from this area, with market observers suggesting a potential retest around the $9-$9.20 levels as support prior to the next breakout attempt.
During the recent weekend pullback, INJ’s price found itself between $9.00-$9.40, dipping to $8.90 momentarily before recovering. Following a 4.8% decline, the cryptocurrency is striving to solidify this level as support, which could provide the necessary strength for another move above the key resistance zone toward $11-$12.
Crypto Rand noted that breaking through the “$10 range may instigate a bullish reversal,” potentially pushing the token towards the $14 level, which was lost earlier in March. This level has been a significant horizontal resistance and support since the November post-election surge.
Is INJ Set for a Breakout?
In the meantime, analyst Sjuul from AltCryptoGems pointed out a significant inverse Head and Shoulders pattern on the INJ chart, emphasizing the importance of this strong reversal pattern. This chart formation indicates a potential transition from a downtrend to an uptrend.
Over the last two months, this pattern has emerged on the cryptocurrency’s chart, with the neckline positioned around the $10.30 resistance level. A breakout from this neckline could lead to a significant rise towards the $14 threshold.
Analyst Lennaert stated that INJ “is an incredible bargain” at its current pricing, asserting that it is unlikely to drop below the key support level of approximately $5.5 established in 2023.
The analyst also mentioned that if momentum shifts back to altcoins, INJ’s price “will quickly return to previous highs,” highlighting its “robust fundamentals compared to other projects.”
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Additionally, the project announced that “For the first time, all of the Magnificent 7 stocks are live on-chain via Injective,” aiming to “transform Wall Street and finance for good.”
In a statement dated May 6, it was revealed that stocks such as Apple’s AAPL, Microsoft’s MSFT, Amazon’s AMZN, Nvidia’s NVDA, Meta’s META, Google’s GOOGL, and Tesla’s TSLA are now “fully tradable 24/7 through Injective’s iAsset framework and the decentralized exchange Helix.”
At present, INJ is trading at $9.25, reflecting a 27.2% increase over the past month.
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