INJ’s price has been moving sideways lately, forming a triangle pattern on the charts. Traders are keeping a close eye on this pattern since the price is getting squeezed to a point where it needs to make a move.
The market could go either way from here – up or down. Top analyst DevKhabib, with over 44,000 followers, thinks it’s heading up. He shared on X that INJ will break through the triangle and reach $40.
Injective Chart Analysis
The price is currently oscillating around two lines, both of which are moving towards each other, a resistance running extensively from the top and a support from the bottom. Such movement is generally experienced when the market is having a hard time deciding which direction it has to take in the future. These triangle patterns usually end with a strong move in one direction.
The price action shows that buyers and sellers are at a standoff right now. No one’s really taking control, but that usually changes once the triangle pattern completes. The Injective price is having trouble pushing past $28-$30. A break above this resistance could potentially trigger a surge towards the $40 range, as suggested by DevKhabib.
INJ Support Zones to Monitor
The price of Injective has tested support levels around the lower trendline of the triangle multiple times, showing that the $20 mark is a significant level to watch.
This area has acted as a support zone, and any sustained drop below this level could result in a move towards lower price zones. As per the chart, there is also some support at lower price levels of around $16 and $18 which if the price goes to lower ranges could assist in honing the volatility that exists.
Having these crucial support zones traders will be focused on how the price behaves as these zones are being approached. Breaking of the lower trend line might result in a bearish reversal that might decrease the price whereas retentions above this threshold might act as a building block in subsequent breakout.
Read Also: XRP Price Prediction For January 16
Analyst Bullish Forecast
DevKhabib adds an optimistic outlook for INJ’s future. As per the trader, it is “just a matter of time” for the breakout of the triangle to happen and this can happen so $40 is a target within reach. This estimate seems plausible given the technical analysis of the chart which shows that if the price goes above the resistance then it has room to go higher.
This shows that if the trader is able to maintain these supports and then push above the current resistance there is great potential of the price moving upwards. As traders keep an eye on the triangle pattern, DevKhabib’s tweet offers further insight into the potential bullish sentiment surrounding INJ.
Since the price of INJ has been stagnating, introducing trend strategies might not be wise but rather monitoring the INJ pattern would be more effective. Determining whether the market goes up or down sometime from now might be dependent on the robustness of these levels. This week will decide if INJ sustains an uptrend in its price or starts a shredding of higher prices.
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