- Injective approaches key resistance at $13.50, signaling a possible breakout ahead.
- Optimism forms bullish divergence as RSI rises despite flat price near 600 sats.
- Both INJ and OP show trend reversal signs backed by volume and higher low patterns.
Injective (INJ) and Optimism (OP) are both drawing attention as technical indicators flash early signs of bullish reversals. While broader crypto markets remain mixed, these two tokens are showing promising patterns. INJ, in particular, has staged a notable comeback from its recent lows, while OP presents a classic case of bullish divergence.
Injective Attempts Breakout from Local Resistance
Injective has experienced a surge in buying interest, rising over 1.7% in the last 24 hours to trade at $13.10. This move marks a 10% increase over the past 30 days, and more importantly, puts INJ near a key technical zone at $13.50. Crypto Rand highlighted that this level represents a local downtrend resistance that INJ is now testing.
Significantly, the price recently rebounded from the $10.70 to $11.00 support range. This bounce confirmed a higher low, signaling a short-term bullish structure.
If INJ can break through $13.50, the next potential target would be $16.50 a level tied to earlier trading ranges from Q1 2024. On the flip side, failure to clear resistance could result in a pullback toward the previous support zone around $11.
Besides price action, Injective’s broader structure is shifting. The token is showing signs of emerging from a macro downtrend. It has been forming higher lows and exiting former descending channels, which indicates a possible trend reversal underway.
With a circulating supply of 98 million and a market cap of $1.26 billion, INJ remains a mid-cap asset to watch.
Optimism Finds Strength Through Bullish Divergence
Optimism has also shown signs of recovery after months of downward pressure. Trading at $0.5971, OP experienced a dip of 3.3% from the previous day and 6.4% decline over the past week. Michaël van de Poppe pointed out that the OP/BTC chart is flashing a bullish divergence, which could mark a trend shift.
The price has been stabilizing near 600 sats, forming a series of higher lows. Meanwhile, the RSI is moving higher, despite flat price movement. The OP chart is exhibiting a condition called mean reversion, in which the price typically moves away from what is suggested by the indicators.
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This gap between momentum and price typically suggests that price may soon rise to catch up. Van de Poppe sees the 1200 to 1500 sats range as a viable recovery zone if the breakout is confirmed above 700 to 800 sats.
Additionally, rising volume supports the case for accumulation. With a circulating supply of 1.7 billion tokens and a market cap of over $1 billion, OP remains a key layer-2 project in focus.
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