What to know:
- Injective (INJ) holds strong above the critical $3.30 support level, signaling renewed bullish interest and potential accumulation.
- Technical indicators show rising bullish strength, with RSI climbing to 63.68 as buying pressure continues to build.
- If $3.30 support holds, analysts project INJ could rally toward $6.40 in the short term, with extended targets near $15.40.
Injective (INJ) is moving in a positive price trajectory after finding support near the $3.30 level. According to CoinMarketCap, as of Friday, April 17, its price has surged by 1.82 over the last 24 hours but remains up 12.51% over the last week.
At the time of writing, INJ is trading at $3.38, with a trading volume of $79.12 million, which has declined by 31.18% over the last 24 hours. However, its market capitalization stands at $338.17 million, which is up by 1.83%.
Source: CoinMarketCap
Also Read: Injective Explodes 6% as Breakout Signals Massive $50 Rally Ahead
INJ Eyes Breakout as $3.30 Support Holds Strong
Furthermore, the crypto analyst LSTRADER highlighted that the asset is drawing attention as it hovers near the critical $3.30 support zone.
This level has previously triggered strong bullish reactions, making it a key area for traders watching potential accumulation. Price action here suggests a consolidation phase where buyers and sellers are temporarily balanced in the market.
Source: LSTRADER’s X Post
If the support at $3.30 is maintained and the market environment improves, then there is a possibility that the token will shift to a bullish growth trend.
The experts have drawn a target level of $6.40 for now, and depending on the momentum, the price may reach levels of $15.40. But a breakout below the support level will reduce expectations.
INJ Technicals Point to Improving Bullish Strength
According to TradingView, the asset demonstrates an example of a transition from a strong downward trend to a period of consolidation. Following a decline from $5.50 to $2.50, the token entered the consolidation zone between $2.50 and $2.90.
The convergence of Bollinger Bands indicated a high level of volatility compression, indicating that a significant trend is about to emerge.
Source: TradingView
The price has made a positive breakout as it has broken through the upper Bollinger Band and is now trading at $3.37.
Furthermore, the RSI has moved up to 63.68, indicating an increase in buying interest. As long as the token stays above $3.32, there are strong chances that the trend reversal will be completed successfully.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bitnomial Launches INJ Futures as Regulated Product Expands U.S. Altcoin Derivatives Market
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