Date: Tue, April 01, 2025 | 10:20 AM GMT
The cryptocurrency market has kicked off Q2 on a bullish note, with Ethereum (ETH) surging by near 5% today, marking a potential shift in momentum after a historically bearish Q1. ETH had declined by more than 44% over the last 90 days, dragging most altcoins to multi-month lows.
However, today Internet Computer (ICP) and Injective (INJ) are showing signs of a potential rebound after facing heavy correction in first Q1. Both tokens have surged impressively, gaining over 7%, following their recent breakouts and successful retests.
Internet Computer (ICP)
ICP recently broke out of a falling wedge pattern, which had kept its price in a prolonged downtrend. The breakout took place on March 22, when ICP surged past the wedge’s upper boundary, reaching a local high of $6.37.
However, last week’s broader market drop led ICP to pull back and retest its breakout trendline at $5.12. After successfully bouncing off this support, ICP is now trading at $5.49 and approaching its next key resistance at the 50-day moving average (MA) and the $7.25 price zone.
A move above these levels could confirm a bullish continuation, potentially triggering a rally toward the 200-day MA and the $9.74 resistance zone—a 78% upside from the current price.
Injective (INJ)
Much like ICP, INJ also broke out of a falling wedge pattern, ending its weeks-long downtrend. The breakout occurred on March 23, when INJ surged past its resistance trendline, hitting a local high of $11.09.
However, the broader market downturn caused INJ to pull back for a breakout retest at $8.50. With a successful bounce, INJ is now trading around $9.10 and is approaching its next key resistance at the 50-day MA.
If INJ manages to clear this level, it could confirm the beginning of a stronger recovery, potentially leading to its next major resistance at $19.81, followed by the 200-day MA.
Final Thoughts
Both ICP and INJ have successfully retested their breakout levels, turning previous resistance into support—a classic bullish signal. If these tokens break above their key moving averages, a strong continuation rally could follow, paving the way for a significant recovery in the coming weeks.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.