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INJ Explodes to a New All-Time High, is a Correction Imminent? (Injective Price Analysis)

INJ surprised the market with a new all-time high at $27.6. At this rate, it’s interesting to explore the possibility of a correction and, alternatively, check which are the next targets for the cryptocurrency.

Key Support levels: $23

Key Resistance levels: $28, $32, $40 

1. Major Breakout

With a new ATH set, Injective is now in uncharted territory, which could see it quickly move higher. Buyers have dominated the chart all year with no end in sight.

INJUSDT_2023-12-12_14-20-33
Chart by TradingView

2. Key Targets to Watch

Based on this price action, the most important targets on the chart right now are $28, $32, and $40. There could also be a short correction before the rally continues to the breakout point around $23 which is also acting as support.

INJUSDT_2023-12-12_14-20-45
Chart by TradingView

3. MACD Bullish Momentum Intensifies

This breakout has turned the weekly MACD extremely bullish, with the histogram and moving averages rushing higher. Such a strong momentum has not been seen since the last bull market.

INJUSDT_2023-12-12_14-21-39
Chart by TradingView

Bias

The bias for INJ is bullish.

Short-Term Prediction for INJ Price

Volatility may increase after this breakout, and INJ could very well continue its rally to aim for $28 and $32 next.

The post INJ Explodes to a New All-Time High, is a Correction Imminent? (Injective Price Analysis) appeared first on CryptoPotato.

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