Injective's Bullish Momentum Hangs in the Balance: This Pivotal Resistance Could Determine INJ Price Fate
- PHPzOriginal
- 2024-08-29 03:48:22456browse
Rekt Capital, a top crypto analyst, published an analysis of Injective, discussing its price movement and the technical indicator that is affecting its price.
Top crypto analyst Rekt Capital has published an analysis of Injective, discussing its price movement and the technical indicator that is affecting its price.
Previously, we highlighted that INJ could retest the black $18.02 level as support. The analyst notes that this retest was successful, as INJ’s price rallied by 27% after confirming $18.02 as a new support level. This rally allowed INJ to traverse the price range and revisit the light blue highs at $21.68.
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Rekt Capital observes that INJ is currently rejecting the Range High region, which aligns with the base of a light blue wedge that INJ broke down from several weeks ago.
For INJ to continue its upward trend, Rekt Capital stresses the importance of a weekly close above this old wedge’s base; failing to do so could lead the price to drop deeper into its current range, prompting further consolidation.
Resistance Within the Relative Strength Index
The analyst emphasizes the role of the Relative Strength Index (RSI) in this price movement. A higher low on the RSI has supported the development of a bullish divergence, which has been crucial in driving the recent price rally.
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However, Rekt Capital points out the emergence of a new lower high on the RSI. This lower high shows that the red-boxed resistance on the RSI must be breached for INJ’s uptrend to gain momentum.
If the RSI continues to reject the new Lower High resistance, it could soon retest the light blue Higher Low, potentially dragging the price closer to the Range Low once more.
Overall, Rekt Capital’s analysis suggests that while INJ has shown bullish signs, its continuation depends heavily on breaking through key resistance levels, both in price action and on the RSI. If these levels are not breached, the cryptocurrency could face additional consolidation within its current range.
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