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Injective: Can INJ bulls hold key support at $21.65?
The recent market performance of Injective (INJ) has been nothing short of astonishing, with the asset breaking out of a prolonged downtrend after forming a rounded bottom pattern. As the price continues to rise, it’s essential for INJ bulls to hold the key support level of $21.65 in order to maintain the bullish continuation pattern.
Currently trading at $27.77, INJ has demonstrated a 0.46% decline over the last 24 hours and a 1.66% drop over the past week. This slight correction may be an opportunity for investors to accumulate more shares before the potential upward momentum resumes.
The chart shows that buyers have successfully defended the critical support level of $21.65, which is crucial in maintaining the bullish continuation pattern. If this support holds, analysts are predicting a logarithmic price target of $380, representing a staggering 12x gain from current levels.
In addition to these technical implications, futures data indicates ongoing interest and confidence in INJ. According to Coinglass, the Open Interest (OI) for INJ futures stands at $174.37 million, reflecting a modest decline of 0.80%. This slight decrease is likely due to mild profit-taking or reduced short-term activity.
More reassuringly, trading volume has seen an impressive increase of 9.54% to $271.95 million, showcasing ongoing interest in futures markets. The sustained investor confidence reflected by these figures points towards a potential upward trajectory for INJ.
As the technical patterns remain intact, coupled with the steady open interest and significant trading volume, INJ’s setup remains poised for further upward movement.
Source: ambcrypto.com
