As the cryptocurrency market sees a surge, several altcoins are standing out by outperforming Bitcoin. Notable altcoins like Solana, Bonk, Avalanche, and others are displaying considerable strength.
Among these, Injective (INJ) has particularly captured attention as it breaks free from a bearish trend, showing signs of a robust uptrend. The price of INJ has not only recovered from previous losses but has also set a new all-time high, surpassing $27 on the Binance exchange.
Injective (INJ) Price Breaks ATH, Enters Price Discovery Mode
The INJ price has surged into a price discovery mode, surpassing the critical resistance at its previous all-time high (ATH) of $25.72. This upward momentum marks the third consecutive day of a nearly 50% increase in the token’s value. However, a minor 4% to 5% dip has occurred as bears make their presence felt. Despite this, bullish sentiment prevails, aiming for a positive weekly close.
Initiating a parabolic recovery from lows near $1.19, INJ overcame challenges, cleared the neckline, and achieved a new ATH of $27.22. Bulls maintain strength, hinting at a potential upswing in the near future.
According to FIB levels, the next target stands at approximately $34.56. The price is anticipated to undergo a healthy ascending consolidation to reach this level. While bearish activity might pose challenges, evolving market sentiments could provide a solid foundation for further upward movement in the injective (INJ) price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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