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Injective (INJ) Holds Above $13 as Bulls Eye $15.71 Resistance Target
A new day has brought another surge for Injective’s INJ token, with the cryptocurrency maintaining its bullish trajectory and setting its sights on a crucial resistance level.
As of writing, INJ is trading at $13.92, representing a 0.58% daily increase as well as an impressive 14% rally in just three days. This remarkable momentum can be attributed to multiple factors, including recent technical breakouts and strategic partnerships that have strengthened institutional confidence in the protocol’s long-term viability.
The primary catalyst behind INJ’s current price action is its decisive breakout above key resistance levels on July 20th. This decisive move was accompanied by significant trading volume, effectively shifting the technical outlook from bearish to bullish across various timeframes.
Injective’s collaborations with Google Cloud and Deutsche Telekom have further solidified fundamental support for the asset’s price movement. Furthermore, the successful launch of the EVM testnet has expanded the platform’s capabilities, attracting developer interest and broadening its ecosystem appeal.
Upon examining Injective’s technical structure, a plethora of bullish signals emerge across the daily timeframe. Most notably, the INJ cryptocurrency is positioned above all significant moving averages, with the current price of $13.92 trading comfortably above both the SMA 20 at $12.83 and SMA 50 at $12.04.
The RSI reading of 58.5 indicates healthy momentum without breaching overbought territory, implying additional upside potential remains available for traders. This neutral positioning is particularly encouraging as it suggests that the recent rally has not exhausted buying pressure.
Moreover, Injective’s MACD indicator displays robust bullish momentum with a positive histogram reading of 0.1324. The MACD line at 0.8363 situated above the signal line at 0.7040 solidifies the ongoing uptrend and predicts sustained momentum in the near term.
The Bollinger Bands analysis reveals INJ trading within the upper portion of the bands with a %B position of 0.6748. This positioning signifies maintained buying pressure while keeping room for additional upside movement toward the upper band at $16.
Based on current technical structure, Injective’s support levels are clearly defined with immediate support at $10.24 and stronger support at $8.95. These zones represent critical areas where buyers have historically stepped in during previous corrections.
On the other hand, the INJ resistance landscape presents immediate resistance at $15.71, which aligns with recent swing highs and represents the next logical target for bulls. A decisive break above this level could trigger accelerated momentum toward the Bollinger Band upper boundary near $16.
For aggressive traders, the current INJ price setup offers attractive risk-reward dynamics based on Binance spot market data. Entering positions near present levels with stops below $12.83 (SMA 20) provides a reasonable risk framework while targeting the $15.71 resistance for potential 12-13% gains.
Conservative investors may choose to wait for a pullback towards Injective support levels around $12.83-$13.00 to establish positions with improved risk-reward ratios. This approach allows for tighter stop-loss placement while maintaining exposure to the bullish trend.
Swing traders should closely monitor the INJ/USDT pair, as any break above the aforementioned resistance level could signal the commencement of a more substantial rally towards previous highs.
Risk management remains paramount given cryptocurrency volatility, with daily ATR of $1.12 indicating significant price swings are normal for INJ, necessitating appropriate position sizing and stop-loss discipline.
Source: Blockchain.News
