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**Injective (INJ) Holds Above $13 as Bulls Eye $15.71 Resistance Target**
The cryptocurrency market has witnessed a significant surge in recent times, and the bullish momentum appears to be sustaining for Injective (INJ). As of this writing, INJ is trading at a price of $13.92 (+0.58% daily), with technical indicators suggesting further upside potential.
In a stark contrast to its previous downtrend, Injective has shown remarkable resilience in the face of bearish pressure, refusing to surrender the ground gained over the past few days. This strength can be attributed to a multitude of factors, including strategic partnerships and successful resistance breakouts.
**Recent Breakout Fueling Sustained Momentum**
The recent 14% surge and corresponding EVM testnet launch have propelled Injective onto the radar of institutional investors and retail traders alike. These developments have not only provided fundamental support but also shifted market sentiment in favor of a sustained upward trajectory. The technical indicators have conformed to this narrative, revealing multiple bullish signals across various timeframes.
**Bullish Signals Emerge**
Notably, Injective’s positioning above all major moving averages – SMA 20 at $12.83 and SMA 50 at $12.04 – is an essential confirmation of the uptrend’s authenticity. Furthermore, the RSI reading of 58.5 indicates healthy momentum without breaching overbought territory, implying that additional upside potential remains within striking distance.
Moreover, the MACD indicator exhibits robust bullish momentum with a positive histogram reading of 0.1324. The MACD line at 0.8363 sitting above the signal line at 0.7040 conclusively confirms the uptrend’s persistence and underscores continued near-term momentum.
**Key Support and Resistance Levels**
In light of these developments, traders should closely monitor key technical levels for potential confirmation or rejection of this trend. Immediate support resides at $10.24, followed by stronger support at $8.95. It is essential to acknowledge that these levels have historically been the focal point for buyer intervention during previous corrections.
On the other hand, bulls will be keenly monitoring the INJ price action around the $15.71 resistance target. A decisive break above this level could potentially trigger accelerated momentum towards the Bollinger Band upper boundary near $16.
**Conclusion**
In conclusion, Injective (INJ) has not only demonstrated remarkable resilience but also sustained its upward trajectory following a 14% surge and subsequent EVM testnet launch. The absence of any substantial corrections or consolidations provides an encouraging indication for bulls, implying continued strength in the near term.
Traders should maintain a keen eye on key resistance levels ($15.71) and support zones ($10.24-$8.95).
Source: Blockchain.News
