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- Injective INJ price prediction showcases the recovery of INJ crypto inside an interesting recovery pattern over the daily time frame chart.
- INJ price entered an interesting rising pattern in March 2023 and has been gaining since then.
- The price of Injective cryptocurrency has successfully recovered above 20, 50, 100 and 200-days Daily Moving Average.
Injective INJ price prediction highlights the recovery phase of Injective cryptocurrency inside the rising wedge pattern over the daily time frame chart. INJ crypto price has been trading inside the rising wedge pattern from March 2023 and is maintaining its recovery inside the pattern. Meanwhile, buyers have been maintaining the accumulation rate to push INJ crypto towards the new yearly high.
Injective crypto price has surged around 21.73% in a week and 60.94% in a month. Moreover, Injective cryptocurrency has recovered excellently, around 340% in the last three months and 280.84% in the last six months.
Also the Injective INJ crypto has surged around 429.54% year to date suggesting the maximum recovery of INJ crypto price during 2023. The expandable performance of the Injective cryptocurrency showcases the cryptocurrency’s potential to soar even higher during the tough times.
Moreover, analysts believe that Injective cryptocurrency might surge more if Bitcoin the cryptocurrency market dominator performs well during this year. However, there are some external factors which may affect the price action of INJ cryptocurrency during the year.
Injective INJ price was at $6.67 and has gained 1.56% of its market capitalization during the day’s trading session. However, trading volume shows the decline in number of trades by 43% during the intraday trading session. This demonstrates that sellers are also buckling up to short Injective cryptocurrency. Volume to market cap ratio was at 0.1355.
Will INJ Price Sustain or Get Detained?
Injective INJ price prediction suggests the recovery phase of the cryptocurrency inside the rising wedge pattern over the daily time frame chart. Injective cryptocurrency price has recovered maximum and has showcased its potential to the cryptocurrency investors. However, trading volume is still below average and needs to grow during the day’s trading session.
Meanwhile, technical indicators suggest the overbought state of INJ token. Relative strength index confirms the overbought state of Injective cryptocurrency price. RSI was at 73 and is heading towards the extreme overbought territory.
MACD exhibits the uptrend momentum of Injective cryptocurrency price. The MACD line is way ahead of the signal line after a positive crossover. Investors in INJ cryptocurrency need to wait until the the price of INJ reaches the upper trendline of the rising wedge pattern then it may experience some backlash from sellers.
However, if bulls maintain their accumulation rate then the Injective cryptocurrency might experience a breakout from the rising wedge pattern.
Summary
Injective INJ price prediction highlights the recovery phase of Injective cryptocurrency price inside the rising wedge pattern over the daily time frame chart. Also the Injective cryptocurrency has surged around 429.54% year to date suggesting the maximum recovery of INJ crypto price during 2023. Meanwhile, technical indicators suggest the overbought state of INJ crypto.
Technical Levels-
Resistance level- $7.00 and $7.60
Support level- $6.33 and $6.00
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
