Injective (INJ) nears a potential 214% breakout as a falling wedge pattern signals bullish momentum. What's next?
On-chain data showed that 67.32% holders were awaiting a breakout.The price of INJ was, having increased by 8.08% in the past 24 hours, alongside a 5.04% rise over the past week.
The pattern, which is generally seen as a bullish indicator, remained intact, and the analyst emphasized the importance of patience for investors.Per AMBCrypto’s examination of the technical indicators on the daily chart, INJ appeared to be consolidating above the middle Bollinger Band at $17.77. The MACD indicator also showed a bullish crossover, where the blue MACD line was slightly above the orange signal line.
However, a significant 67.32% of addresses were still “Out of the Money,” having bought at higher prices, particularly in the range of $18.61 to $24.85.Despite this, the largest concentration of profitable buyers acquired INJ between $6.98 and $12.12, indicating that a substantial number of holders remained optimistic.
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