INJ explodes its resistance, are buyers regaining control of the asset? Crypto Trend

Like every Wednesday, discover our news Crypto Trend, dedicated to the technical analysis of an altcoin previously selected by the community based on a poll on our social networks. Today, the cryptocurrency of choice is the community INJ. After a few rather complicated weeks, today’s trend is particularly pronounced bullish with candle +20% at the time of writing. Without further ado, let’s head to TradingView to identify the asset’s technical situation and the bias it will have in the coming weeks.

INJ returns above $30

INJ price against dollar on 3D time unit
INJ price against dollar on 3D time unit

On the 3D time unit, it is clear that the INJ cryptocurrency was developed in lateralization phasefrom April to June, etc resistance zone at $30. After touching $17.50 during a strong bearish leg last April, the asset has still managed to recover, especially in recent days, allowing it to cross the famous zone resistance, shown in red.

What is the current issue on INJ? In order for the asset to grow upwards a back on track to $45he will first have to free himself from the technical zone he is in 35 dollarsTHE pivot 3D units of time that the asset has repeatedly reacted to, either as support or resistance. After rejecting this threshold last April, this is the first technical target the asset will face if it continues its rally in the coming days.

At the same time, to demonstrate the power of buyers, they will have to do everything in their power stay above the resistance zone and confirm the interruption with several consecutive closures. The return below this zone is absolutely forbid because it will demonstrate the lack of buying power and the presence of sellers who are still able to bring the asset to 20 bucks.

More next levels to watch?

The price of INJ against the dollar on the time unit H4The price of INJ against the dollar on the time unit H4
The price of INJ against the dollar on the time unit H4

For a smaller time unit, we have a a much clearer view of the dynamics that INJ has known for weeks. There has been a strong lateralization between the resistance zone and the $22 zone. The accumulation of sell orders above the peaks undoubtedly led to the ka short press, which right now completely disables the seller. In this range area we can see a pivot in graycorresponding POC volume profile.

By acting as support in recent weeks, INJ has made this possible bounce, to accumulate and break the resistance. After successfully exiting the range to the upside, there is almost nothing separating the asset from the pivot zone, which is shown in blue, except the $32 threshold (former daily support). Other than this information, we have nothing to add to this analysis as the bias is currently bullish, making the previous range analysis much less interesting.

Over the coming weeks, it will be appropriate to focus on the asset’s ability to extend the rally and confirm the overshoot pivot zone in blue. IF INJ succeeds, he will have every chance to achieve 45 dollarsan important resistance that will also need to be overcome to hope for a new ATH in 2024. In case of reintegration of the assortment, in addition to the decline in INJ, it will show lack of purchasing powerwhich opens the way to a new phase of lateralization.

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