The post Can Bulls Hold Key Support at $21.65? appeared on BitcoinEthereumNews.com.

INJ bulls held $21.65 support as analysts predict a potential 12x move to $380. Futures Open Interest trended up, and trading volume jumped 9.54%, signaling strong market confidence.  Injective [INJ]was trading at $27.77 at press time, showing a 0.46% decline over the last 24 hours and a 1.66% drop over the past week.  The 24-hour trading volume is $221.5 million, with a market cap of $2.73 billion and a circulating supply of 98 million INJ. The chart shows INJ breaking out of a prolonged downtrend after forming a rounded bottom pattern. This structure led to a strong rally, with buyers continuing to defend the $21.65 support level. Source: X Holding above this key support is essential to maintain the bullish continuation pattern.  Analysts point to a logarithmic price target of $380, a 12x gain from current levels if the trend remains intact. Technical indicators suggest mixed momentum Technical signals for INJ show mixed momentum. In November, the 13-day moving average (MA) crossed above the 49-day MA, forming a Golden Cross and signaling a bullish trend. However, the price has now dipped below the 13-day MA at $29.06 while staying above the 49-day MA. If the price fails to hold above the 49-day MA, the next key support is near $20.31. Source: TradingView The Relative Strength Index (RSI) was at 47.63, showing neutral to bearish momentum as it stayed below 50. The downward slope in the RSI reflects weakening buying interest.  For buyers to regain control, the price would need to break back above the $29.06 resistance, with a potential upside toward $32 in the near term. On-chain data shows a drop in INJ’s activity Data from IntoTheBlock shows a decline in network engagement for Injective. For the week of December 16, there were 654 addresses, including 123 new addresses and…

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Filed under: News - @ December 17, 2024 4:22 pm