Injective (INJ) Prepares for $10 Resistance Retest Following Recent Surge
Injective (INJ) is approaching a critical $10 resistance level after a 43% increase from its April low of $6.34. The token reached a six-week high of $10.63 before retracing and faces strong resistance in the $9.5-$10 range.
Key Developments
- INJ attempted to break out but was rejected near the $10 mark.
- Current trading range is between $9.00-$9.40, with a brief dip to $8.90.
- A successful retest of $9-$9.20 could lead to another bullish attempt towards $11-$12.
- Analyst predictions suggest that breaking the $10 range may trigger a bullish reversal, potentially reaching $14.
- An inverse Head and Shoulders pattern indicates a possible trend shift from downtrend to uptrend.
- Key support established around $5.5, with expectations of upward momentum if altcoins gain traction.
- Injective has integrated major tech stocks, allowing them to be tradable on its platform.
- Current price of INJ is $9.25, marking a 27.2% monthly increase.
