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- 1 INJ marks a correction of more than 30% since its recent peak.
- 2 Recent rally occurs before reaching the target price level.
Injective price rises after a correction of more than 30% from its recent peak at the selling point. The INJ price witnessed a hyper bullish momentum, before the down trend began. Prior to the fall, analysts predicted a brief consolidation, making a bullish flag pattern, by instead the prices nosedived. The fall occurred due to a general market downtrend that pulled the entire crypto market into a downtrend. The general outlook of the crypto market may push the prices further into suffering.
The Picturesque
INJ price formed a parabolic curve pattern, which began to fall after reaching the sell point. The trading volume showed a spike in buyer interest for the short term. The Bollinger Bands diverge to indicate the abrupt fall in prices and the volatility caused due to it. The current price action occurs above the EMA ribbon, with 20-EMA being captured with the recent drop. The uptick in OBV indicates a favorable market for Injective. The target level for the falling price is set near $5.410 and can surge from here.
INJ price marked a bullish momentum due to the parabolic curve. The fall struggled to breach the bull trend, as Super Trends moved sideways. The CCI moves about the half line to indicate minute deviance between present price and historical prices. The MACD forms a negative cross and records ascending seller bars. The RSI moves around the average range to indicate a fall in buyer interest.
The Peephole
In the smaller time frame, INJ price indicates robust downtrend, as the Super Trends marked the movement in red. The MACD refrains from forming a distinct cross to mark a clear participation. The RSI rises to 50-range to indicate an escalation in buyer interest and fading seller dominance in the market.
Conclusion
INJ price falls after the parabolic curve rise reaching the sell point. The fall occurred due to the downtrend prevailing in the entire crypto market. The correction of more than 30% can continue till it reaches the target level of $5.410. The holders can be forced to sell off due to projected dip in Injective.
Technical levels
Support levels: $5.410 and $3.635
Resistance level: $9.315
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
