$INJ and $KAS are top altcoins, with $INJ’s market cap at $3.3 billion and $KAS close at $3.2 billion. Both have been moving sideways since late 2023
The longer this period of gathering lasts, the bigger the potential upward move could be if and when it happens.
Analyzing $INJ’s Potential Breakout
The daily chart for $INJ reveals it’s currently within a rising channel, with the price fluctuating within a wide range from $30 at the bottom to $45 at the top.
Source: Coingecko/Trading View
$INJ initially reached the channel’s top and the range’s upper limit on December 24, 2023. Since then, it has been moving sideways. After more than three months of this pattern, if $INJ manages to break out upwards, the resulting price action could be significant.
Should $INJ achieve another all-time high, the next potential targets, according to Fibonacci levels, would be $63, $84, and $102.
Analyzing $KAS’s Price Range and Potential Breakout
$KAS is within an even larger range compared to $INJ, which has been developing since November 19, 2022. There are four distinct levels within this range, with the bottom at $0.09 and the top estimated at $0.15, although the price briefly surpassed this range from mid-February to mid-March, reaching as high as $0.175.
Source: Coingecko/Trading View
Similar to $INJ, it can also be argued that $KAS is within a rising channel. However, there are only two touch points for the top of this channel so far, but if the price manages to reach this level, it would confirm the channel.
For both $INJ and $KAS, breaking the top of their rising channels would indicate extremely bullish sentiment, as well as breaking out of their respective price ranges. Given their previous explosive upside moves, this period of sideways consolidation likely prepares them for the next upward movements.
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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