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Injective could reach $25 if key support levels hold

GrafaGrafa2024/08/28 01:10
By:Mahathir Bayena

Injective (CRYPTO:INJ) is currently positioned at a crucial juncture following an impressive breakout last week, where the token surged by over 25% within just seven days.

As market volatility continues, strong altcoins like Injective are drawing increased attention from investors and analysts alike. 

The consensus among experts is that if Injective can maintain its current support levels, it could be poised for further gains, potentially making it a standout performer in the crypto market in the coming weeks.

After last week’s breakout, Injective has retraced to test the previous resistance at $20.30, which is now serving as a support level.

This retest is being closely watched by traders as a potential signal for continued bullish momentum.

According to crypto analyst Long Term, this retracement could set the stage for another upward move, provided that the $20.30 level holds firm as support.

Analysts are optimistic about Injective’s prospects if this support level is confirmed.

The next price target being considered is around $25, which would represent a significant gain from its current levels.

The ongoing consolidation and support testing are seen as critical steps in building the momentum needed for Injective’s next potential breakout.

Moreover, Injective has shown strength by breaking above and tagging the 4-hour 200 exponential moving average (EMA) from the upside, which is currently around $20.22.

Maintaining a price above this level, along with the $19.5 support, will be crucial for Injective to continue its uptrend.

Should these conditions be met, Injective could challenge its recent highs of $22.98 and potentially reach the $25 supply zone.

Investors and analysts will be closely monitoring Injective’s price action in the coming days, as its ability to hold these key support levels could determine its trajectory and potential for further gains in the near term.

At the time of reporting, the Injective price was $18.67.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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