The recent surge in cryptocurrencies has led to new targets being set for certain altcoins, one of which is Injective (INJ). Injective (INJ) price has been consolidating for over two months and is now showing signs of a breakout. This anticipation could enable investors to achieve double-digit gains in the days ahead.
Altcoin Injective (INJ) Price Nears Breakout
After more than two months of consolidation, the Injective price is close to surpassing the $31.09 to $43.40 range. INJ has formed three different lower high points within this range. Joining these swing points with a trend line indicates that the altcoin is facing significant selling pressure.
However, the recent surge from cryptocurrency investors pushed the Injective price above this descending resistance trend line on February 27, resulting in a 13% rally. Interestingly, a liquidation event on March 5th brought INJ back down to retest this descending resistance level, confirming a successful conversion to a support base.
Now, the Injective price is hovering just below the $43.40 high level and is attempting to overcome it. As Bitcoin enters a consolidation phase, altcoins are likely to break out. In such a scenario, INJ could trigger a breakout, potentially leading to a swift 17% rise to the $51 level. Given that this target is close to $50, INJ will naturally gravitate towards it, making it a highly probable level for the bulls.
If Buying Pressure Continues
As long as the buying pressure continues, there is potential for the Injective price to rise to around $55. This represents an increase of up to 28% from its current value.
However, this bullish outlook is mixed with some uncertainty. If the altcoin Injective price closes below $34.15 in the upcoming twelve-hour candlestick, it could form a lower dip towards a lower level. This could invalidate the previous bullish prediction.
In this case, it becomes likely that the altcoin INJ will return to the lower range of $31.09 or experience a 9% drop. Therefore, we are at a crucial decision point for investors. Finding a balance between the potential for price increase and the risk of a possible decline is emerging as an issue that needs careful monitoring.
