Injective (INJ) Price Chart Just Flashed a Rare Bull Signal – Could It Double From Here?

Injective is starting to turn heads again as its weekly chart hints at a possible bullish reversal.

Injective (INJ) price is testing a key resistance level as the token’s weekly chart hints at a possible bullish reversal.

At the time of writing, INJ is trading at around $9.39.

Injective Price Structure And Trendlines

The weekly candlestick chart shows INJ attempting to shift from a long-term downward trend. The price of Injective has consistently respected a descending trendline from its all-time high around $25 to $28. However, recent candles indicate a break above this line, suggesting the end of the extended bearish phase.

This pattern is similar to a falling wedge breakout, which is typically associated with trend reversals. Supporting this view, the chart also shows a rounded bottom formation that reflects prolonged accumulation between $6 and $10. This range has seen steady buying interest over the past several months, according to the chart structure.

As the chart shows, the $6.00 to $6.20 area acted as a strong support zone during the previous pullback. A secondary support level is visible near the $8.00 mark, which has also held during past drawdowns.

On the other hand, the $10 level serves as the most immediate resistance. This zone has repeatedly acted as a turning point for INJ price. The current weekly candle is testing this resistance. If the price manages to sustain above $10, it could continue to rise and encounter resistance at $12 and $14. In the upper regions, the price ranges of $18 to $25 could act as stronger resistance levels, but this would depend on the continuation of the bullish trend.

Moreover, volume activity shows a gradual increase on green candles, indicating greater interest during price rallies. While a volume climax is not yet evident, sustained participation has helped push the price upward from the support zones. The continuation of this trend could support further price increases in the near term.

This analysis aligns with a recent post by CryptoRand, a top analyst, who pointed out that a breakout over $10 would trigger a bullish reversal for INJ.

“If we close below $10, it continues the structure. If we manage to close above it, it flips the whole thing and we get a reversal,” stated CryptoRand.

The combination of these technical setups and the increasing trading volume suggests that there might be a change in structure for Injective.