NEW DELHI (CoinChapter.com) — Injective’s INJ price surged above key hurdles at $30 and $35. It is now consolidating gains and might correct lower to $35 before a fresh increase.
After forming a crucial bottom at $2.00 in early 2023, INJ’s price started a strong uptrend. It broke many hurdles on the way up such as $5.00 and $10.00. The last major resistance was near $35.00 before the price corrected lower.
A fresh support base was formed near $30.00, and the price started a new rally in the past few sessions. INJ soared over 50% and cleared many barriers. It surpassed a bullish flag resistance at $30.50 on the daily chart to start the current rally.
Despite a few setbacks in Bitcoin and Ethereum momentum, INJ extended its increase above $38. It even spiked above $40 and traded to a new all-time high at $41.25.
It seems like a couple of things are driving the DeFi token price higher, including a massive surge in Perpetual Futures trading and traders seeking gains through leverage are accelerating the rally. However, the price is now showing signs of exhaustion.
The Daily RSI is hitting oversold values with clear signs of a short-term top. If there is a downside correction, the price could test the 23.6% Fib retracement level of the last recent increase from the $28.29 swing low to the $41.25 high.
The main support is now forming near the $35.00 zone (a multi-touch zone). It coincides with the 50% Fib retracement level of the last recent increase from the $28.29 swing low to the $41.25 high.
Any more losses might send INJ price toward the $30.00 level and the 50-day simple moving average (blue). If there is a downside break and a close below $30.00, the price might extend losses. The next major breakdown support is at $23.80.
Conversely, INJ price could remain supported near $35.00 and start a fresh increase. On the upside, the first resistance sits near the $41.50 level. The next key resistance for the bulls might be near the $44.50 zone. Any more gains could open the doors for a move toward the $50.00 level.
Overall, Injective’s token price is up over 50% in a short time and might soon dip to present the next buying opportunity. If INJ fails to stay above $35.00, there could be a larger pullback.
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