Will It Outperform Major Cryptos Like Bitcoin or Ethereum?
The altcoins are gaining momentum within the crypto space as the majority of them have begun to surge, outperforming the star crypto, Bitcoin. Altcoins like Solana, Bonk, Avalanche, etc., and many more have been displaying acute strength. Meanwhile, yet another popular altcoin has gained immense attention as the token broke from the bearish claws and is closer to triggering a healthy upswing. The injective (INJ) price appears to have recovered all the losses as it forms a new ATH above $27 on Binance.
The INJ price enters a price discovery mode after breaking above the crucial and final area of resistance at $25.72, its previous ATH. The token has been on the rise for the third consecutive day, with a nearly 50% rise in its value. Besides, the bears seem to have jumped in, causing the price to witness a 4% to 5% drop at the moment. However, the bulls continue to remain active, aiming for a bullish close for the week.
As seen in the above chart, the INJ price accomplished a parabolic recovery that began after marking the lows at around $1.19. After rising above all the odds, the token cleared the neckline and formed a new ATH at $27.22 in the early trading hours. The bulls continue to maintain their strength; hence, a reasonable upswing can be expected in the coming days.
The FIB levels suggest the next target to be around $34.56, and hence the price is believed to maintain a healthy ascending consolidation to reach the levels. Although the bearish activity may hinder the progress of the rally, the changing market sentiments may offer a required base for the injective (INJ) price to propel higher.
