Injective (INJ) is once again in focus, with investors watching for a potential surge as the market turns bullish. Now, the overall market has turned from bearish to bullish, which has impacted the overall market, including altcoins like INJ. Injective is currently moving inside an ascending triangle pattern, which often leads to a bullish reversal.
At the time of writing, INJ is trading at $12.82 with a 24-hour trading volume of $85.76 million and a market capitalization of $1.28 billion. The INJ price over the last 24 hours is showing stability, and over the last week it is slightly down by 3.28%, but it is also showing a high potential for the next major rally.
Injective (INJ) Strengthens as Bulls Eye $26 Mark
Moreover, the crypto analyst, Jonathan Carter, highlighted that Injective (INJ) is currently at the lower end of the ongoing ascending triangle structure on the daily chart, a structure that typically signals bullish continuation. The price has been range-bound in previous sessions, staying above a key pivot point ascending trendline that has served as a support throughout the formation.
The formation of bullish divergence appears on primary momentum indicators such as the Relative Strength Index (RSI) and the MACD, making the setup especially interesting. While price has been rangebound or slightly bearish. These indicators are showing growing upward momentum, indicating that bear pressure is fading.
If INJ recovers out of this support and confirms a breakout above the horizontal resistance of the triangle, technicians predict the token will initiate an explosive upward trajectory. Precise price destinations include $15.70 as a major level of resistance, then $20.00 and a distant target of $26.00. These destinations align both on the technical levels and the zones of psychological resistance.
But a failure to hold the trendline support will invalidate the current structure, and bears will take control, which opens the doors for further correction ahead.
