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Injective (INJ) has managed to break out of a short-term resistance line after the news of burning five million tokens.

In the announcement made by the Injective team, it was announced that 5 million INJ tokens were burned. The biggest burn in the history of the project received a positive reaction and found a response to the price.

INJ price is attempting to retrace an ascending support line where it fell on November 19. Doing so will also make the RSI rise above 50 (green icon), another bullish sign.

The nearest resistance area is the $2 level formed by the 0.382 FIB retracement resistance. On the other hand, a rejection from the line will confirm this as resistance. It will likely push the INJ price to a new year low.

Injective price prediction

INJ Token Price Strengthens In The Short Term

Koinfinans.com As we reported, the two-hour chart shows that the upward movement may continue towards at least $2. INJ token The price broke out of a descending resistance line on Nov. 30. Now in the process of verifying this as support.

If INJ manages to break above the $2 resistance area, the next key resistance will be the 0.618 Fib retracement resistance level and $2.40 formed by a horizontal resistance area.

INJ cryptocurrency analysis

What’s the Long-Term Outlook?

Despite the relative rise in short-term timeframes, the increase since June still remained bearish. The main reason for this is that the entire increase is similar to the ABC corrective structure. Moreover, there is a possibility of sharp decline following it.

As a result, the most likely move is a corrective increase towards $2.40 before hitting new lows. This move could be a shorter-term version of the previous surge.

A price spike above the resistance area of ​​$2.40 will go a long way in invalidating this bearish Injective price prediction.

INJ price usdt chart

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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