The post Injective price analysis – Why INJ can rally 36% by December-end appeared on BitcoinEthereumNews.com.

INJ has surpassed the $30 resistance mark, and a weekly close above a certain level will confirm a bullish outlook.  Injective is just 36% away from its all-time high. As December 2024 begins, Injective [INJ] has surged over 82% year-to-date, hitting a new all-time high of $52.72. A recent breakout above $30 shows potential for a further 36% rally. Injective stands out in the DeFi space with its zero-gas decentralized derivatives and cross-chain trading capabilities. Unlike competitors such as DYDX, its focus on efficiency and deflationary tokenomics sets it apart.  Is ATH next after the $30 breach? The weekly chart for Injective reflects strong upward momentum. At press time, INJ was trading at $32.33, marking a 7.86% weekly increase.  The $28.00–$30.00 zone has proven to be a critical support area, successfully reclaimed after earlier consolidation in 2024. Source: TradingView The strong demand zone has fueled the recent rally, indicating a bullish phase with higher highs and higher lows since mid-2024. If the price holds above this support, the next key target for bulls is the all-time high of $52.77. The 4-hour chart showed that Injective was maintaining a steady upward trend within a rising channel. Source: TradingView After breaking above the $22.96 support level, INJ has surged by 41.72% in recent sessions.  The breakout suggests further potential, with resistance at $42.00, marking a 28.02% upside from current levels.  As long as the channel’s lower boundary continues to support the price, the bullish trend is likely to persist. Does INJ need more user activity for a boost? The number of large transactions began at around ten per day in early September. On the 21st of September, large transactions surged to approximately sixty per day, coinciding with an increase in INJ’s price from $22.96 to $32.00. This sharp rise in transaction volume…

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Filed under: News - @ December 3, 2024 9:24 pm