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- 1 The injective price is currently trading at $7.301 while witnessing an increase of +3.06% during the intraday session.
- 2 INJ trades above 20,50,100 and 200-Day EMAs.
- 3 The year-to-date return of the INJ price is 476.86%.
2023 has been a great year for Injective price as since the start it has been in a bullish trend rising from the low of $1.253, and forming an annual high at $9.970. INJ price did a zone-to-zone breakout. Firstly, the price consolidated between the range of $4.86 and $2.63 but INJ escaped the breakout by forming support between the consolidation zone at the $3.76 level.
The breakout led to the formation of annual highs at the $9.97 level. INJ’s price began to correct its motion. The bears pushed the price to the $6.92 level where another support was formed for the price to retest the annual highs, but the move was halted at the $9 level and the price fell straight down below $6.
Possibilities For Injective Price
Currently, INJ’s price is stuck in a consolidation zone ranging between $6.30 and $7.26. The current candle is a strong bullish candle moving forward in the direction of breaking the major resistance level of $7.26. A break and close above the zone would provide confirmation that the price might head toward the next resistance which resides at $8.
Traders should be cautious and wait for today’s candle to close before looking for any bids. If the bullish momentum prevails, the price can easily knock down annual highs and head toward the resistance level of $13.5.
Bitcoin price climbed above $27,000 has turned all the altcoins bullish. Upsurge in Bitcoin has caused a 4.51% in Bitcoin price.
Will INJ Price Rise Above $10 level?
INJ price trades above all the major EMAs indicating strong bullish momentum in the price. The RSI has crossed the 55 mark, and is currently at 58.07 suggesting that bulls have taken control. The 20-day SMA acted as a support for the price, and has crossed above the upper band indicating a chance of pullback in the price.
The current candle of bitcoin has also turned bearish. In trading, after an impulse move, there is always a follow up correction and traders should be cautious as bitcoin price might enter into a corrective phase which will affect INJ price. The long/short ratio is 1.08 with 51.93% longs and 48.07% shorts indicating active participation of buyers in the last 24 hours.
Conclusion
The market structure and price action for Injective price is bullish and has shattered the major resistance level of $7.26 If the current candle can close above the resistance level and bitcoin stays in a bullish trend, INJ price might head toward $10. The technical parameters are bullish for INJ price.
Technical levels
Major support: $6.30 and $5.74
Major resistance: $8 and $9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They 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.
