Stalled Breakthrough for INJ: Injective Cryptocurrency Holds Below Crucial $15 Threshold
The cryptocurrency market is watching closely as Injective (INJ) navigates a critical juncture following a recent breakout. After retesting the key $15 level multiple times, the digital asset is teetering on the brink of its next move.
In the past month, INJ has managed to break free from a downtrend and reach a five-month high of $16.35. However, a recent dip has seen the price fall below $15. The current price, according to CoinGecko data, stands at $14.19.
The retest of the $15 level is crucial. A clean break and hold above this level could lead to strong bullish continuation, with potential targets in the $18–$20 range and even higher levels around $25–$26 or $30 if momentum accelerates. Conversely, a failure to defend this zone could result in short-term weakness or consolidation around lower support levels near $13.95–$14.20.
Bulls must defend the current range to avoid losing momentum. A hold above support could reopen the path toward price discovery for Injective. A clean retest above $15.96 with volume could shift the narrative in favour of the bulls.
The cup-and-handle structure in Injective's daily chart remains intact, adding to the bullish sentiment. However, the breakout remains unconfirmed due to whale sell pressure above $15.96.
External factors such as the recent filing by the Chicago Board Options Exchange (Cboe) for a staked ETF linked to INJ have contributed to positive price interest, possibly supporting further upside.
The $15 zone is a key battleground in the current market situation. If the price reclaims and holds the $15 zone, traders could aim for prices between $18 to $20. On the other hand, if INJ fails to defend this level, it could pull back to roughly $14 or lower, with the $13.95–$14.20 zone being considered as a critical retest area for buyers to defend.
In the current market scenario, a strong retest could decide if the current pullback is just a pause or the start of something bigger for Injective. Algorithmic buying could be triggered by a rebound from the current level, potentially reigniting Injective's bullish breakout narrative.
The post-breakout retest is currently unfolding, and the cup-and-handle formation remains valid if the price holds above key support levels. The market is in a wait-and-see mode, eagerly watching as Injective navigates this critical phase.
In the upcoming days, the outcome of Injective's (INJ) struggle to maintain its current price above $15 could significantly impact its future investing prospects in the finance sector. A successful retest and hold above this level might attract more technology-oriented investors due to its potential to reach prices between $18 to $20, while a decline below $15 could lead to further technological analysis and possible lower support levels near $13.95–$14.20.
