Kaspa (KAS) and Injective Protocol (INJ) to be first of the blue chip altcoins to recover
The crypto market is heading towards a crucial decision in the next few days. Will the market go up or down? If it’s up, then Kaspa (KAS) and Injective Protocol (INJ) are likely to be in the vanguard of the recovery.
$KAS and $INJ rank 46 and 53 in market capitalization, with $KAS at a $2.77 billion market cap, and $INJ at $2.36 billion. These are both medium to large cap cryptocurrencies, and according to the charts, these two could be among the first of the altcoins to start running should bitcoin be able to achieve a positive monthly close for April.
$KAS holds very firm support
Source: Coingecko/TradingView
$KAS is holding very firm support at $0.10. Not only is this a support that has held several times since November 2023, but it is also the 0.618 fibonacci level. The most recent dip to this support was last week, and the price was bought up yet again from this level.
However, the downward trend line is guiding the price into decision-making time within the next 2 to 3 weeks, as it converges with the horizontal support. The descending triangle that this is forming is in fact a bearish pattern. That said, both the weekly and 2-weekly time frames on the stochastic RSI (momentum indicator) are at the bottom, meaning that a cross back up, and positive price momentum, are on the way. If a break to the upside does occur, $0.13, $0.16, $0.17, and aspirationally $0.25, are the targets.
$INJ ready to surge
Source: Coingecko/TradingView
$INJ has a beautiful looking chart on the weekly time frame. The price is holding nicely at the $26 support, having gone down as far as to confirm the support at $18 just two weeks ago. The wick that this venture downwards left behind is just as long as the one left behind to the upside after touching $53. This could mean that the price will surge up at least the same amount as it came down.
Source: Coingecko/TradingView
Looking at the shorter daily time frame, it can be seen that $INJ needs to break the white trend line first. Strong resistance then waits above at $31, and then at $42, before the top at $52. Aspirational targets are at $74, and $109. Weekly and 2-weekly stochastic RSIs have bottomed, meaning just like $KAS, upward momentum is coming soon for $INJ.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
