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- 1 Injective price prediction suggests that the Injective token may see a surge in value.
- 2 On the daily chart, the Injective price is down by 9.00% in the last 7 days.
Injective price prediction indicates that investors are bullish regarding INJ token. According to the price action, the Injective price is presently in the accumulation phase. It has been moving on a bull trend for the past 8 months after giving a breakout. It’s above the one-day chart’s 50, 100, and 200 EMA. After making a spinning top pattern in the demand zone the price is acquiring buyers’ support according to the formation of a bullish green candle.
Observing the historical price acṭion, the Injective price has gained constant buyer support from the crucial EMAs and is yet to give a close below the 200 EMA which is a major support level. The price action indicates the bullish enthusiasm of the buyers may continue to propel the price up in the near future.
If the Injective price gains required support from the buyers it can make a bullish rally of 20% or above as it is moving near a crucial demand zone. Though it has broken its recent low near $7.97 hence buyers might practice caution, the rally can end below its previous high.
Injective’s price is currently trading at $0.30 with a 20.99% gain in the 24-hour trading volume and has a market cap of $238.67 Million (press time).
A Fall in 24h Volume, Rise In Bullish Optimism
According to LunarCrush, there is a spike in parameters which suggests the community is interested in the token. The total bullish sentiment parameter recorded a 558% rise whereas the total social engagement metrics have surged by 197.5% within the past week.
Injective Price Prediction: Technical Analysis of Injective Price On Daily Chart
The RSI line is making an upward curve which indicates that it may take a retest. The RSI line is moving near 48.15 points and the 14 SMA provides resistance at around 57.03 points. The RSI line indicates that the price of the Injective token may see a slight rise.
Stochastic RSI is moving near the demand zone. The Investors might wait for a positive reversal from the %D and %K line before acting upon the indicator. The present value of stochastic RSI is 4.90 points.
Conclusion
According to the analysis, after making a spinning top pattern in the demand zone, the price is acquiring buyers’ support which is shown by the formation of the bullish green candle. If the Injective price gains required support from the buyers, it can make a bullish rally of 20% or above.
Technical levels
Support – $6.00
Resistance – $9.00
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
