- Injective’s bullish breakout raises questions about its potential to reach $50.
- Key resistance levels at $33.34 will test INJ’s continued upward momentum.
- Strong market data and rising interest boost confidence in INJ’s price trajectory.
Injective Protocol, recently broke out of a bullish flag pattern. The token is trading at $26.18 after a 12.42% surge. This raises an exciting question: can INJ continue climbing to $50, or will resistance levels block the way? With strong bullish indicators and growing investor interest, INJ shows plenty of potential for more gains.
How Long Will INJ’s Bullish Momentum Last?
INJ shows signs of upward momentum after breaking free from a descending channel. The key resistance point now sits at $33.34. If INJ surpasses this level, reaching $50 could be within reach. However, resistance along the way will test how strong this rally is.
To maintain momentum, INJ needs to see continued buying pressure. If demand stays high, breaking above $33.34 is possible. But market conditions can change fast. Traders should remain alert, as resistance levels may slow or reverse the trend.
Growing Interest and Strong Market Confidence
Injective’s ecosystem is seeing impressive growth. New addresses surged by 48.51%, while active addresses rose by 33.44% in just one week. This indicates a growing interest in the project and deeper engagement from users. Strong liquidation data supports the bullish outlook. Short positions worth $202.98K have been cleared, compared to $121.67K in long liquidations.
This shows that most traders are betting on INJ’s price to rise. While this signals confidence, market volatility remains a concern for traders seeking higher targets. Technical indicators also favor the bulls. The RSI sits at 52.70, meaning there’s room for more growth before INJ hits overbought conditions.
A bullish crossover between the 9-period and 21-period moving averages further confirms a strengthening trend. Open Interest (OI) has increased by 13.38% to $195.42M, signaling strong participation and confidence in INJ’s future. With rising OI and solid technical indicators, the case for a climb toward $50 strengthens. However, traders should stay cautious of any pullbacks.
