- INJ has gained over 67% in the last 60 days and is displaying a textbook rounded bottom formation on the daily chart, suggesting a potential major breakout.
- The token is approaching key neckline resistance at $16.29 after recovering 136% from its April cycle low of $6.34.
- A successful breakout above $16.29 could trigger a rally to the projected target of $26, representing a potential 72% upside from current levels.
- The breakout depends on broader market strength, with continued bullish action from Ethereum and Bitcoin potentially acting as the catalyst needed.
Date: Wed, May 28, 2025 | 07:55 AM GMT
The cryptocurrency market has seen a much-needed revival in recent weeks. After a brutal Q1 that saw Ethereum (ETH) fall by 45%, the second-largest crypto has now surged over 44% in Q2 and is trading above $2,600 — its highest level in months. This renewed bullish sentiment is not just limited to ETH. It’s lifting altcoins across the board, including Injective (INJ).
INJ has gained over 67% in the last 60 days. While this rally alone is a strong sign of bullish interest, technical analysis suggests the token might be on the verge of a major breakout.
Approaches a Classic Rounded Bottom Resistance
On the daily chart, INJ is displaying a textbook rounded bottom formation — a bullish reversal pattern that often signals the end of a prolonged downtrend and the start of a new upward phase.
As shown in the chart, the pattern began forming after a sharp rejection from the neckline resistance around $16.29 in late February. That rejection sparked a deep correction of 60%, dragging INJ down to a cycle low of $6.34 by April 7. From there, the price action gradually curved upward in a rounded bottom, reclaiming lost ground and eventually gaining 136% in just over a month.
INJ is now trading around $15, inching closer to the neckline resistance at $16.29. A successful breakout above this level would confirm the rounded bottom and potentially ignite a powerful upward move. Based on the height of the pattern — from the bottom at $6.34 to the neckline at $16.29 — the projected breakout target sits near $26. This target also coincides with a key resistance level, suggesting the market could see a further 72% upside from current prices if momentum holds.
What’s Next for INJ?
With INJ now sitting just under major resistance, all eyes are on the neckline zone. A decisive breakout, ideally followed by a successful retest of the $16.29 level, would reinforce the bullish outlook and likely attract more buyers. Such a confirmation would validate the rounded bottom pattern and set the stage for the next leg higher.
Still, caution remains important. A failure to break above the neckline — or a breakout without follow-through — could lead to another pullback. Ultimately, Injective’s next move will likely depend on the strength of the broader market. Continued bullish action from Ethereum and Bitcoin could act as the catalyst needed to push INJ through this critical resistance.
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