The cryptocurrency market is showing promising signs, with Injective (INJ) and Avalanche (AVAX) exhibiting strong bullish trends. Of course, all of this is fueled by most recent news on approval odds of ETH ETFs.
The INJ price is reclaiming previous highs, while the AVAX price is poised to break key resistance levels. Both tokens have shown notable performance, supported by robust metrics and fundamentals.
Injective (INJ) Price Analysis
Jelle (@CryptoJelleNL) highlighted a bullish divergence for INJ, which has propelled prices above previous cycle highs. This movement indicates a successful retest of weekly support. If INJ reclaims the $30 mark, it could regain favor within the crypto community. Currently, INJ is trading at $28.07, up 9.88% in the last 24 hours.
The daily bullish divergence for $INJ is playing out — pushing prices back above the previous cycle highs.Looks like the retest of weekly support was a success.Reclaim $30, and INJ can become a CT favourite once more. pic.twitter.com/Gk37U37R4w
— Jelle (@CryptoJelleNL) May 21, 2024
Crypto Banter (@crypto_banter) noted INJ’s performance during the previous bull run. Despite a drop of over 60%, the current market environment presents a lucrative opportunity for investors. The recommended entry point is at the current market price or within the $25-26 range. The suggested profit-taking levels are $29.2, $35, and $45, with a stop loss at $23.17.
Injective Developments
Injective’s 150th burn auction is scheduled for May 22nd, aiming to burn approximately $322,000 worth of INJ. This event underscores Injective’s commitment to enhancing token value and scarcity.
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Avalanche (AVAX) Price Analysis
Avalanche (AVAX) is also displaying a bullish outlook. Following pumps in Bitcoin and Ethereum, AVAX is attempting to break its April/May highs. Current trading at $40.70, AVAX has surged 13.02% in the past 24 hours. CryptoKaleo (@CryptoKaleo) and Emperor Osmo (@Flowslikeosmo) both foresee AVAX achieving notable price milestones, potentially reaching $100.
$AVAX is going to pull something like this on the $BTC pair but you wouldn't bullieve it pic.twitter.com/6bEws7OH56
— K A L E O (@CryptoKaleo) May 21, 2024
Strategic Positioning and Market Dynamics
AVAX’s strategic positioning is further strengthened by its exclusion from the recent SEC lawsuit, which classified many other tokens as securities. Additionally, AVAX’s partnerships with major banks, such as JPMorgan, enhance its credibility and potential for an ETF candidacy.
0xSpartacus (@iam0xSpartacus) emphasized AVAX’s strong regulatory positioning, making it a likely candidate for an ETF following Ethereum.
Both Injective and Avalanche are showing strong bullish trends supported by solid fundamentals and favorable market conditions. Injective’s successful support retest and upcoming burn auction, alongside Avalanche’s resistance breakout and strategic positioning, suggest that these tokens are well-placed for gains.
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The post Injective (INJ) Price Aims to Reclaim $30 on Bullish Market Trends; Avalanche (AVAX) Predicted to Soar to $100 Amid ETF Calls appeared first on CaptainAltcoin.
