Can Injective INJ Reclaim 35 Level and Trigger a Rebound

CoinDesk report:
Injective has been consolidating its all-time high in 2021.
The short-term bubble risk for Injective looks promising.
Injector [INJ]
Despite recent market volatility, it still shows strong signs. According to INJ data, the increase in INJ in the past month has been minimal, only 0.39% according to CoinMarketCap.
However, data shows that it has dropped 2.7% after writing this article, and it has fallen nearly 4% in the past seven days.
Nevertheless, the price trend of Injective looks promising on the weekly chart as it consolidates its all-time high in 2021.
If INJ manages to expand towards the $35 major level while staying above this key support level, it may confirm a bullish trend in the short term and give 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, believing that its performance in the next year may exceed the market.
Although so far, 2024 is not the best for INJ, many predict a long-term rebound, with some predicting a target of $100 or higher.
The price contraction within the 4-hour period 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 Risks
When comparing the valuation of Injective 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 retesting phase.
If INJ/BTC can regain control and maintain momentum, it may indicate 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 for Injective is also worth noting.
This indicator assesses market sentiment, and the current reading is 1.05, indicating stable market sentiment.
This builds confidence for traders considering long positions as the current price trend indicates potential returns.
ATH Withdrawal Percentage
Finally, the withdrawal rate of INJ’s all-time high is about 56%, providing an opportunity for long-term holders to expect recovery.
However, given the unpredictability of the market, these returns are not guaranteed.
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Injective’s [INJ] Price Prediction
2024-2025
As Bitcoin approaches the $70,000 major 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.