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Injective (ING) may be preparing for another retest of the $10 resistor as its price tries to confirm critical support levels. Some analysts believe that cryptocurrencies may be preparing for breakthroughs and massive bullish reversals.
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Injection Eyes $10 Retest
Injectables have soared about 43% from their 18-month lows registered on April 7 in the past month. During the recovery period last month, the cryptocurrency had a barrier of $6.34 to $10, reaching $10.63 for six weeks before the backtrack.
ING has been on a downward trend since INJ’s fourth quarter to $35.26, down nearly 75% over the past six months. Analyst Crypto Rand pointed out that the token attempted to deviate from the downtrend, but faced strong resistance in the $9.5-$10 range.
Injections have been rejected in this range after its recent jump, with some market observers suggesting it could retest the $9.20 level as support before the next breakout attempt.
In the weekend review, Inj’s price hits these levels, trading between 9.00-$9.40, briefly dropping to $8.90 before the bounce. After a 4.8% drop, cryptocurrency attempts to confirm this level as support, which can help inject the enhancement of strength to another push above the key area and $11-$12 resistance.
Crypto Rand noted that a “breakout in the $10 range will trigger a bullish reversal”, which could also push the token toward the $14 hurdle that was lost in early March. It is worth noting that this level has been a critical level since the November election and is a crucial support and resistance.
Is Inj ready to break through?
Meanwhile, analyst Sjuul from AltCryptogems highlighted the huge, inverse head and shoulder patterns on the Inj chart, noting that investors should be aware that “this is “one of the strongest reversal patterns”. This formation is a bullish reversal chart that indicates a shift from a downward trend to an upward trend.
According to the chart, cryptocurrencies have formed this setting over the past two months, with the neckline at a resistance level of $10.30. A breakthrough in the neckline could trigger a huge surge of $14.
Analyst Lennaert confirmed ING “feels like an absolute steal” in the current range, as he believes the cryptocurrency may not be lower than 2023’s key support, at about $5.50.
Analysts suggest that if momentum shifts to Altcoins, the price of Inj “will immediately return to highs”, adding that it has “one of the strongest basics of all projects”.
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It is worth noting that the project announced that “for the first time ever, all magnificent 7 stocks were broadcast live through injection-style chains” to “redefine Wall Street and Finance forever.”
According to a May 6 statement, Apple’s Apple, Microsoft’s MSFT, Amazon’s AMZN, NVIDIA’s NVDA, Meta’s Meta, Google’s GOOGL and TESLA’s TSLA are now “completely traded through the Indextive Iasset framework and the decentralized exchange helix”.
As of this writing, Inj is trading at $9.25, with a monthly time limit of 27.2%.
Featured images from Unsplash.com, charts from TradingView.com
