Crypto News- Injective price seems unperturbed by the prevailing consolidation across the cryptocurrency market, surging by 10% on Friday to attain a price of $13.15. Following a remarkable year-to-date gain of 547%, this interoperable Layer-1 blockchain, powering the next wave of decentralized finance applications (DApps), is inching closer to its historical peak of $24.89.
INJ currently finds itself at a pivotal juncture, with a formidable resistance barrier at $14, a level that has remained elusive throughout the past two quarters of 2022.
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The completion of a double-bottom pattern in January 2023 has played a substantial role in fueling bullish sentiment, propelling INJ to loftier levels. Analyzing the weekly price chart, Injective’s price remains situated above several crucial bullish indicators, including the 21-week Exponential Moving Average (EMA) depicted in red and the 100-week EMA represented in blue.
The bulls have solidified their dominion ever since INJ breached the multi-year descending trendline at $8. With the Relative Strength Index (RSI) confidently entering the overbought region at 76, the ongoing weekly bullish momentum is anticipated to close above the $14 hurdle. Breaking free from an extended downtrend serves as a potent indicator of a more dominant bullish trend, heightening the possibility of Injective eclipsing its all-time high and setting a fresh record in the weeks to come.
Nevertheless, traders should exercise vigilance to guard against abrupt pullbacks, particularly considering the RSI’s current overbought status. Any indications of the uptrend weakening would be signaled by an RSI reversal into the neutral territory.
For investors seeking opportunities, potential entry points may arise during price dips towards INJ’s local support at $8. On the positive side, a decisive breach and sustained holding above the immediate resistance at $14 could serve as a harbinger of gains heading towards the all-time high.
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