How Bitcoin Overcomes 90,000 dollarsmany altcoins are on the rise and are seeing performances in more than double digits. INJ is an asset that we will have the opportunity to analyze today as part of this crypto trend. Have a a period of particularly strong growth in March the last, driving it to more than $50, however, the situation has evolved in recent months. So what should we expect at the end of the year for this cryptocurrency? Without further ado, let’s get to the graphics for the technical update!
INJ is preparing to exit the consolidation zone
On a weekly scale, the INJ configuration is particularly important interesting. In a consolidation phase since April 2024, between the resistance zone at $27.40/28.25 and the support zone at $16/16.80, the asset has developed at the same time figure of consolidationAND downward bevel whose probability of leaving is greater on the rise.
Currently breaking free from the slant resistance of this technical pattern, a bounce and second close above this level will allow INJ take the lead in the resistance consolidation zones. The challenge in the coming weeks lies in the asset’s ability to definitively return above $28.50. If successful, a trend reversal on the weekly scale will be confirmed, allowing INJ to take the direction of $40 (a very important weekly resistance).
Specifically in this range itself the bias is bullish and will remain so until the INJ re-enters this ascending wedge. With this previous weekly candle swallowed up almost 14 weeks of consolidationbuyers show some superiority over sellers. The sooner this range exit occurs, the stronger the momentum will be!
Many technical levels to follow
On a daily scale, we have a more accurate view price dynamics in recent weeks. The oblique resistance we identified on the weekly scale takes on even greater significance in this timeframe. Identifying the pivot around $23.50 we see a technical confluence which brings even more significance to the current field. Therefore, you should understand that a bounce must absolutely happen this week on INJ.
This double level which potentially becomes a support was a the main resistance during this summer. If buyers come in and break above $28 to confirm a trend reversal in HTF, INJ will head towards $40 as mentioned. However, next level at which INJ may be refused are identified and located here:
- $31.11 (support in early 2024 before becoming resistance)
- $35.59 (This year’s 2024 Pivot Threshold during the previous INJ uptrend).
From this analysis, you can see that the technical configuration of the INJ is particularly important interestingbeneficial for buyers. Keep an eye on the asset’s ability in the coming days and weeks to get out of this lateralization zone. If it succeeds, the chances of a new bull leg will increase and potentially open a the asset’s return to its previous highs around 50 dollars. Of course, the room for improvement is considerablewhich will somehow require a market attractiveness of Cosmos Hub.