Can Injective INJ Reclaim the 35 Level and Trigger a Rebound

Bijiewang Report:
Injective has been consolidating its historical high in 2021.
The short-term bubble risk of Injective looks good.
Injector [INJ]
Despite recent market volatility, it still shows strong signs. According to INJ data, in the past month, INJ has had a small increase of only 0.39% CoinMarketCap.
However, data shows that it has dropped by 2.7% and nearly 4% in the past seven days after writing this article.
Nevertheless, the price trend of Injective looks promising on the weekly chart as it consolidates its historical high since 2021.
If INJ manages to expand towards the $35 key level while maintaining above this crucial support level, it may confirm a bullish trend in the short term, giving confidence to investors.
INJ has the potential to reach higher price targets, especially if it remains strong above the key $21.60 level.
Enthusiasts remain optimistic about INJ and believe that its performance in the coming year may surpass the market.
Although 2024 has not been the best for INJ so far, many predict a long-term rebound, with some targeting $100 or higher.
The price contraction within the 4-hour timeframe is gradually approaching the decision zone.
A strong rebound from this resistance level could trigger a 20-30% volatility in the short term, laying the foundation for a parabolic rise in 2025.
INJ Valuation and Risk
When comparing Injective’s valuation with Bitcoin (INJ/BTC), Bitcoin has experienced a decline but is now forming a potential recovery pattern.
The double bottom structure has broken upwards, and the price is now in the retest phase.
If INJ/BTC can regain control and maintain momentum, it could signal a bullish rebound.
However, if it falls below the high of 2021 and invalidates the double bottom pattern, a decline may occur before any potential rebound.
The short-term bubble risk indicator of Injective is also worth noting.
This indicator assesses market sentiment and currently reads 1.05, indicating stable market sentiment.
This instills confidence in traders considering long positions as the current price trend indicates potential returns.
ATH Withdrawal Percentage
Lastly, the withdrawal rate of INJ’s all-time high is approximately 56%, providing an opportunity for long-term holders to expect a recovery.
However, given the unpredictability of the market, these returns cannot be guaranteed.
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Injective’s [INJ] Price Prediction
2024-2025
As Bitcoin approaches the $70,000 key level, it may trigger a broader bullish trend in the cryptocurrency market, including INJ.
Currently, Injective seems likely to stay above its 2021 high and continue to rebound, although traders should remain cautious and closely monitor key levels for optimal entry and exit points.