Can InjectiveINJ reclaim the level of 35 and trigger a rebound

Coin World News Report:
Injective has been consolidating its historic high of 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, in the past month, the increase in INJ has been minimal, only 0.39%.
CoinMarketCap.
However, the data shows that it has dropped by 2.7% after the writing of this article and has dropped nearly 4% in the past seven days.
Nevertheless, the price trend of Injective looks promising on the weekly chart as it consolidates its historic high of 2021.
If INJ manages to expand towards the key level of $35 while staying above this crucial support level, it may confirm a bullish trend in the short term and give investors confidence.
INJ has the potential to reach higher price targets, especially if it remains strong above the key level of $21.60.
Enthusiasts still hold an optimistic attitude towards INJ and believe that its performance in the coming year may surpass the market.
Although so far, 2024 has not been 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 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 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 through 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 point 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 currently has a reading of 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 about 56%, providing an opportunity for long-term holders to anticipate a recovery.
However, given the unpredictability of the market, these returns are not guaranteed.
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Injective’s [INJ] Price Forecast
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 high point of 2021 and continue to rebound, although traders should remain cautious and closely monitor key levels for optimal entry and exit points.