In the latest newsletter from Rekt Capital, the analyst provided an insightful examination of two cryptocurrencies: Vanar Chain (VANRY) and Injective (INJ).
Rekt Capital highlighted the recent developments surrounding Vanar Chain, specifically its Falling Wedge-like structure. The analyst noted that VANRY needed to retest the significant support level of $0.088 to continue its upward trajectory.
After achieving this retest, VANRY closed above the upper boundary of its blue pattern, confirming a breakout.
Today’s chart illustrated that VANRY successfully followed its projected green path, breaking free from the blue downtrending channel. Most importantly, this technical shift positioned VANRY to challenge a crucial Macro Downtrend that has been in place since mid-March 2024.
The analysts emphasized that a weekly close above this downtrend could serve as a powerful signal for VANRY to initiate a new macro uptrend.
Injective – INJ/USDT
Shifting focus to Injective, the analysts recapped their earlier discussions about INJ’s ongoing consolidation within a Downtrending Channel. Since those discussions, INJ managed to reclaim the critical $18.02 level, allowing it to break out from its Falling Wedge structure.
This breakout led to an impressive 21% increase, bringing INJ closer to the orange Range High at $23.46.
Read Also: XRP Price Could ‘Completely Rip Higher,’ Says Analyst: Here’s His Outlook
For further upward momentum towards the red-boxed resistance around $27.50, INJ needs to secure a weekly close above the orange Range High. Until then, there remains the potential for a pullback to the top of the Wedge from which it broke out, serving as a post-breakout retest.
The analysts highlighted two key levels visually represented by blue circles: one emphasizing the necessity of closing above the orange Range High and the other indicating the possibility of a pullback.
Overall, while INJ has made strides in breaking out of its previous structure, it remains trapped between the $18.02 Range Low and the $23.46 Range High, indicating ongoing consolidation.
Despite the breakout signaling a potential new uptrend, the analysts suggested that INJ may need to spend some time within this re-accumulation phase before building on its newfound momentum.
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