Date: Sun, March 30, 2025 | 12:35 PM GMT
The cryptocurrency market today is showing mixed signs of upside momentum as major altcoins attempt to recover after a sharp drop over the last two days. Ethereum (ETH) fell over 8% in that period, slipping below $1,850 from its previous high of $2,000.
However, as some altcoins attempt to get back on track, Injective (INJ) is also making modest gains. However, the recent drop erased its weekly gains, plunging over 9% and extending its 90-day correction cycle to nearly three months of continuous losses.
Retesting Its Falling Wedge Breakout
On the daily chart, Injective (INJ) experienced an impressive 120% rally in November 2024. However, after reaching its peak, the price entered a correction phase, forming a falling wedge pattern. This led to a prolonged downtrend, with the price dropping 77% to a low of $8.214, where it finally found wedge support.
With this bounce, INJ recently broke out from the wedge’s descending trendline at $9.72, reaching a short-term high of $11.12 before pulling back. Now, amid broader market weakness, INJ is retesting its breakout trendline, currently trading around $8.96
If buyers step in at this level and successfully push the price higher, it could confirm a rebound and propel INJ toward the next key resistance zone at the 50-day moving average. A successful breach of this level could see the price targeting the $16.85 price zone, representing a potential 83% rally from current levels.
Further, a decisive move above $16.19 could open the doors for INJ to test the 200-day moving average and the $21.20 price zone.
What’s Next for INJ?
With INJ currently retesting its breakout trendline, a successful bounce and a move above the 50-day MA could confirm a recovery phase and trigger a bullish continuation toward higher price targets. The broader market stabilization would also be a key factor in determining whether INJ can regain momentum, as renewed buying interest could mark the end of its prolonged downtrend.
The MACD indicator is also signaling a potential shift in momentum, with the blue line attempting to cross above the signal line.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
