Injective (INJ) has outperformed the broader cryptocurrency market in recent hours, gaining over 19% since Monday, while most cryptocurrencies have seen declines of 2-4% since yesterday.

This powerful performance comes after the altcoin broke through the $18 resistance level, signaling bullish momentum. Investors and analysts are now eyeing higher prices for INJ, with some suggesting it could soon be poised for even bigger gains.

HoweverINJ needs to test key supply levels and establish support in critical demand zones for this uptrend to continue. The current optimism surrounding Injective is supported by encouraging price action, but a sustained uptrend will be needed to confirm a lasting trend.

Given that the market is watching closely, INJ’s ability to maintain these levels could determine the potential for further growth in the coming days.

Injection establishes modern local maxima

Injective (INJ) has seen a powerful rally after days of volatile and uncertain price action. Now trading above the 4-hour resistance of $18, the altcoin has excited investors and analysts who believe INJ could be a top performer in this market cycle.

One of the celebrated analysts, Crypto General from X, shared his opinion INJ technical perspectivesetting high expectations for a $53 price target in the coming months. His analysis indicates that INJ is currently rebounding from its lower trendline support, a critical level that has been the basis for this rally.

According to Crypto General, INJ could see a powerful upside move if this support holds. However, he also warns that if the price fails to hold this level, we could see a decline towards the $14 range, which would signal a reversal of recent gains.

Investors are closely monitoring developments as recent price action by INJ stock could set the stage for more significant moves in the near future.

The key will be whether INJ can maintain its momentum and break through the resistance levels. If the bulls manage to push the price above the next resistance zone, a rally towards the $20 range could be in the offing, further strengthening its position in the market.

Once the market establishes its direction, price action in the coming days will play a key role in determining INJ’s performance in the coming weeks. Whether it continues to rally or pulls back will likely depend on broader market conditions and the ability of bulls to maintain their upward momentum.

INJ Price Action Details

INJ is trading at $19.38 after a significant rally from yearly lows near $15. That uptrend has pushed the price above the 4-hour 200 exponential moving average (EMA) to $18.41 for the first time since tardy August.

The 4H 200 EMA is a key indicator of near-term market strength. If INJ manages to successfully test and hold above this level, it would suggest a bullish continuation, signaling that further upside momentum is likely.

Maintaining this position above the 4H 200 EMA would allow INJ to target higher price levels, with the next key obstacle being the resistance and supply zones near $23.

However, if the price fails to maintain this level and loses support at $18, a pullback towards lower demand zones around $16 could occur. In the compact term, the behavior of INJ around the 4H 200 EMA will be crucial in shaping the next phase of price action.

Featured image is from Dall-E, chart is from TradingView