Flow

bullish

Injective

Momentum

Bold

<p>Analysts are highlighting a bullish flag pattern breakout in Injective capturing attention as it suggests further upsides. Now trading at $22.7, the cryptocurrency is poised to break above to more high targets, with a midterm price forecast of $66.</p> 
<h2 class="wp-block-heading" id="h-analysts-eyes-100-for-injective-as-bullish-flag-pattern-breakout-occurs"><strong>Analysts Eyes $100 for Injective as Bullish Flag Pattern Breakout Occurs</strong></h2> 
<p>Crptyo analyst Captain Faibik’s highlights a bullish flag pattern breakout for Injective implying further upside. </p> 
<p>Injective is currently breaking out of a descending channel, usually a reversal from a downtrend to an uptrend. This is a breakout in momentum, and if this continuation could hold, we could see a very nice rally.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24INJ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$INJ</a> Descending Channel Breakout is Done in 1D Timeframe<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Expecting 80-100% Bullish Wave<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/INJ?src=hash&amp;ref_src=twsrc%5Etfw">#INJ</a> <a href="https://twitter.com/hashtag/INJUSDT?src=hash&amp;ref_src=twsrc%5Etfw">#INJUSDT</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://t.co/6Y1B50ZR5R">pic.twitter.com/6Y1B50ZR5R</a></p>— ZAYK Charts (@ZAYKCharts) <a href="https://twitter.com/ZAYKCharts/status/1854744260127433196?ref_src=twsrc%5Etfw">November 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>He opines that a target price of $66 should be a reasonable midterm price target. When a breakout occurs within a bigger bullish flag pattern, it usually indicates accumulation ahead of a more radical move. </p> 
<p>As Injective rallies upwards a step beyond the established support, we see an indication that the buyers step in. They tend to push the price higher to get it closer to the $66 target in the near future.</p> 
<p>Another analyst, Aqua, also highlighted a bullish development for Injective. The crypto broke above the 200-day moving average for the first time since April. </p> 
<p>An upward move above a major technical level often portends a trend reversal It may signal it’s time to brace for bullish leadership. </p> 
<p>Analyzing the chart, Aqua found strong potential for Injective. According to them, the chart is one of the best in crypto. Also that the price will surge above $100 in a few months.</p> 
<h2 class="wp-block-heading" id="h-technical-levels-and-indicators-point-to-bullish-momentum"><strong>Technical Levels and Indicators Point to Bullish Momentum</strong></h2> 
<p>On the bullish side, <a href="https://www.thecoinrepublic.com/2024/11/02/inj-price-struggles-amid-short-term-bearishness-recovery-sluggish/">Injective</a> was trading at $22.7, up 6.55% today. The token is heading towards the key resistance at $34.00 now, creating a possibility for a very steep rise. </p> 
<p>A close above the $22.5 level will add momentum to a clear upward trajectory. It will take the token to higher targets in the coming weeks.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="747" height="355" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-223.png" alt="" class="wp-image-820523" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-223.png 747w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-223-300x143.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-223-150x71.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-223-696x331.png 696w" sizes="(max-width: 747px) 100vw, 747px">
  <figcaption class="wp-element-caption">
   <em>INJ/USD daily chart | Source: Trading View</em>
  </figcaption>
 </figure>
</div> 
<p>Currently, the Chaikin Money Flow is at 0.23, which implies strong buying pressure over INJ and indicates a net capital inflow. </p> 
<p>The positive reading on the CMF validates that traders are buying into positions before the prices rise further. The Awesome Oscillator is also showing a mix of green and red bars, the green ones growing stronger, indicating a consolidation of bullish momentum. </p> 
<p>The AO continues rising, which may confirm rising buying interest and support a rally towards the resistance level at $34.00.</p> 
<h2 class="wp-block-heading" id="h-funding-rate-surges-amid-upward-price-trend"><strong>Funding Rate Surges Amid Upward Price Trend</strong></h2> 
<p>On Funding Rate, the price of Injective is represented by a yellow line, which has been trending upwards in particular from late October to November. </p> 
<p>The green and red bars depict the funding rate, which oscillates around zero, signaling demand for long and short positions at some times and little or no demand on other occasions.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="751" height="197" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-224.png" alt="" class="wp-image-820528" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-224.png 751w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-224-300x79.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-224-150x39.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-224-696x183.png 696w" sizes="(max-width: 751px) 100vw, 751px">
  <figcaption class="wp-element-caption">
   <em>INJ OI-Weighted Funding Rates | Source: Coinglass</em>
  </figcaption>
 </figure>
</div> 
<p>During the whole period, the funding rate often went into negative territory, especially around late August and early September, suggesting stronger demand for short positions during those periods. </p> 
<p>Nevertheless, the latest data reveals a positive trend of the funding rate since it has been above zero consistently since early October, which suggests that the long positions are gaining momentum. It could be a sign of rising bullish sentiment from traders along with the token price rise.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/09/injective-inj-bullish-flag-breakout-targets-bold-100-run/">Injective (INJ) Bullish Flag Breakout Targets Bold $100 Run</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Injective (INJ) Bullish Flag Breakout Targets Bold $100 Run

Table of Contents

Thecoinrepublic.com

Other articles published on Nov 9, 2024

Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail

Bolt Nigeria blocked 5,000 drivers in 2023, insists on driver score feature despite AUATON’s demand

Crypto Liquidation Hit $238 Million As High Leverage Traders Faces The Heat

Ethereum Soars Past $3,000: Will the Momentum Sustain?

Top 7 Best Crypto Projects to Buy Right Now This November: Don’t Miss Out

Can Catzilla Deliver 10,000% Gains? ADA and AVAX Investors Are Eyeing This Future Meme Coin Giant

Join our free newsletter for daily crypto updates!