The Injective price surged by over 16% and achieved a new ATH just below $50 at $49.24, some moments before. The token has maintained an extended consolidated phase since the beginning of the year, which has resulted in a bullish breakout, forming new highs. Now that the token has entered the price discovery phase, the potential higher targets continue to remain elevated and within an achievable range.
With this, will the INJ price break through $50 before the end of the day?
The popular interoperable layer-1 blockchain which empowers DeFi applications appears to be just warming up. The token achieved a new ATH with just a small push beyond the interim resistance and hence, a major price action is yet to come. The real party may begin when the INJ price gains strength against Bitcoin, which has just triggered a bullish rebound.
The INJ/BTC pair has just triggered a bullish rebound after testing the lower support of the rising wedge. Besides, a similar price action is also witnessed against the USDT, which suggests the token is gaining strength against the other currency. This in turn indicates a substantial growth in buying pressure and a rise in positive market sentiment. Moreover, the flip in the RSI levels may also point towards an extended bullish trend for a long time ahead.
Therefore, it is worth noting that crypto is just at the foothills of a massive explosion and that may reach $60 with the next bullish move. Therefore, it may not be wrong to say that the INJ price is offering a good opportunity to stack in with every bearish candle, as said by a popular analyst, KALEO, who believes that the INJ price may record a ‘God candle’ very soon.