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Injective (INJ) could be preparing for another retest of the $10 resistance as its price attempts to confirm a key support level. Some analysts suggest that the cryptocurrency could be preparing for a breakout and a massive bullish reversal.
Injective Eyes $10 Retest
Over the past month, Injective has surged around 43% from its 18-month low registered on April 7. During last month’s recovery, the cryptocurrency pumped from the $6.34 low to the $10 barrier, hitting a six-week high of $10.63 before retracing.
INJ has been in a downtrend since hitting its Q4 high of $35.26, retracing nearly 75% in the last six months. Analyst Crypto Rand noted that the token has attempted to break out of the downtrend but has faced strong resistance around the $9.5-$10 range.
Following its recent jump, Injective got rejected from this range, with some market watchers suggesting that it could retest the $9-$9.20 levels as support before the next breakout attempt.
Amid the weekend retrace, INJ’s price has touched these levels, trading between the $9.00-$9.40 and briefly falling to $8.90 before bouncing. After the 4.8% drop, the cryptocurrency is attempting to confirm this level as support, which could help Injective gain strength for another push above the key zone and toward the $11-$12 resistance.
Crypto Rand noted that a breakout of the “$10 range would trigger the bullish reversal,” which could also propel the token toward the $14 barrier, lost in early March. Notably, this level has been a key horizontal level since the November post-election pump, serving as a crucial support and resistance.
INJ Ready For A Breakout?
Meanwhile, analyst Sjuul from AltCryptoGems highlighted a massive, inverse Head and Shoulders pattern on INJ’s chart, noting that investors should pay attention as “this is one of the strongest reversal patterns.” This formation is a bullish reversal chart that suggests a potential shift from a downtrend to an uptrend.
According to the chart, the cryptocurrency has formed this setup over the past two months, with the neckline sitting around the $10.30 resistance level. A breakout from the neckline could trigger a significant surge toward the $14 mark.
Analyst Lennaert affirmed that INJ “feels like an absolute steal” at its current range, as he considers that the cryptocurrency is likely not going lower than the 2023 key support at around $5.5.
The analyst suggested that if momentum flips to altcoins, INJ’s price “will be back at the highs in no time,” adding that it has “one of the strongest fundamentals of all projects out there.”
Notably, the project announced that “For the first time ever, all of the Magnificent 7 stocks are live on-chain via Injective” to “redefine Wall Street and finance forever.”
According to the May 6 statement, Apple’s APPL, Microsoft’s MSFT, Amazon’s AMZN, Nvidia’s NVDA, Meta’s META, Google’s GOOGL, and Tesla’s TSLA are now “fully tradable 24/7 through Injective’s iAsset framework and the decentralized exchange Helix.
As of this writing, INJ trades at $9.25, a 27.2% increase in the monthly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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