Injective Protocol (INJ) and Toncoin (TON) buck the crypto downtrend

Injective Protocol (INJ) and Toncoin (TON) buck the crypto downtrend

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Tuesday sees most altcoins in the red as the markets wait for the release of the CPI data later today. However, two altcoin gems are bucking the red trend. Injective Protocol (INJ) and Toncoin (TON) continue to thrive.

Market nervously awaits CPI data

With $BTC flat and most altcoins down, the crypto market is looking a little nervous in front of the CPI data to be released later on Tuesday, much like its counterparts in traditional finance, such as the S&P and the Nasdaq.

Be that as it may, there are two green sparkles among all the red, and these belong to $INJ and $TON. Both of these altcoins are nicely up so far on Tuesday, and when/if the market returns to all-systems-go once again, these two are likely first movers.

$INJ back to top of the range

Source: Coingecko/Trading View

The Injective Protocol (INJ) price has just arrived back at the top of a range it has been inside since December last year. It now remains to be seen whether $INJ can break this and take the next step up in price. The next target, should the breakout occur, and according to the fibonacci extension, is $64.

$TON could give perfect entries

Source: Coingecko/Trading View

Toncoin (TON) is in price discovery, and after the recent spike up to just under $4, the price could be making its way back down to $3.29, or the strong support at the 0.618 fibonacci of $2.90.

Source: Coingecko/Trading View

When zooming further out onto the daily time frame, confluence can be seen at both the 0.382 and 0.618 fibonacci levels. Previous resistance lines from price wicks in May and December of 2022 converge perfectly with the fibonacci levels. Entries at either of these two levels could be advantageous, although $2.90 is the safer option.

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.

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