Injective (INJ) price has been consolidating for more than two months and is now showing signs of breakout.
Injective price edges closer to a breakout as it trades around $43. The short-term target for INJ bulls would be $51, but $55 could be reached soon. A twelve-hour candlestick close below $34.15 would invalidate the bullish thesis. Injective price has been consolidating for more than two months and is now showing signs of breakout. Patience could see investors realize double-digit gains in the coming days.
Interestingly, the liquidation event on March 5 knocked INJ down to retest this declining resistance level, confirming a successful flip into a support floor. Now, Injective price is hovering just below the range high of $43.40, attempting to overcome it. As Bitcoin slips into consolidation, altcoins are likely to break out. In such a case, INJ could trigger a breakout, which could result in a quick 17% rally to $51.
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