INJ price shows signs of newfound strength after making a breakthrough from a key resistance area, with analysts now seeing how this can turn into a lasting rebound in the markets. A crypto analyst noted that there is a breakout above $7.28 at the weekly time frame, whereas Injective has been making some developments with RWAs.
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INJ Price Breaks Above $7.28
Analyst Giannis Andreou pointed out that INJ is now trading above the important resistance level of $7.28. This came after a period of consolidation for the token following the formation of a higher low compared to its 2022 low.
It is worth noting that a higher low combined with a period of consolidation, coupled with a weekly close above the resistance, gives the current price pattern of INJ a different look from a price spike.
Source: Analyst Giannis Andreou X post
This level of $7.28 is now a key level to watch out for. If the INJ can hold in the breakout area, then it would offer a better basis for moving higher. According to Andreou, the next key level is at $16.46, although attaining that level will take some buying pressure and other confirmations.
Any retracement in the breakout area is also not going to kill the setup because the response of buyers in case of a retracement will be an indication of whether or not the prior resistance is now a support.
Injective Expands RWA Presence
A technical breakthrough happens when Injective is further strengthening its place in the tokenized RWA sector. Recently, Injective has announced that it has taken the lead as a chain for tokenized real estate assets and joined the top ten list of chains by total value of RWA on-chain.
Source: Injective
This development brings an essential level to the existing INJ pricing structure. The real asset tokenization is an area that is becoming increasingly relevant in blockchain networks, and the increasing involvement of Injective in this area might bring increased focus on its network.
Injective has been continuously working on building up its infrastructure for institutional and RWA-oriented use cases as well. A Meridian mainnet upgrade proposal by Injective has already garnered 99% stakeholder approval among INJ stakers, with this upgrade set to bring regulated token standards to Injective’s EVM.
Also Read: INJ Price Eyes a Strong Breakout Toward $16 as RWA Activity Tops $214M
INJ Trading Activity Picks Up
Market figures obtained recently have also revealed that the growth in INJ trading volume occurred concurrently with the breakout period. According to CoinLore data, INJ reached an intra-day high of $8.32 and then closed at $7.92 on September 19 after closing at $6.67 on September 18.
There is a considerable increase in the amount of trading volume recorded. According to CoinGecko, daily trading volumes rose from $92 million on September 17 to $210.9 million on September 19 and then to $293.6 million on September 20.
This is important because a breakout on high activity could be more confirmed than one that occurs with falling activity. Yet, it should also be noted that increased activity can occur during a volatile pullback, and therefore it will be necessary for traders to pay attention to this factor.
What Happens Next for INJ Price?
The current emphasis on the INJ price revolves around whether the coin will retain its breakout at the $7.28 region. An extended break past this region will maintain the pattern mentioned by Andreou, while failure to do so may shift the spotlight to lower levels of support.
The $16.46 region continues to serve as the primary upside objective in the analyst’s setup, but it needs to be seen as merely a technical target.
Injective’s growing RWA trading adds another layer to the price structure by providing the context of the ecosystem. This means that with the tokenization of real estate rising and RWA trading activities growing alongside the recently observed trading volume growth, INJ is likely to remain on traders’ radars in evaluating the potential breakout.
Also Read: INJ Price Eyes Breakout as Double-Bottom Setup Meets Solana Expansion
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
