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