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Injective Protocol Chart: Will INJ Make it to the $50 Mark?

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INJ Price Prediction: Will INJ Reach $50 Ahead of Santa Rally?
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Injective Protocol price forecast suggests that the INJ crypto is presently moving on a bullish trend after breaking out of the bear’s stronghold. The price is trading above the key EMAs on the daily timeframe. The volume is seeing an incline which indicates that there is a rise in buying and selling activity.

If the crypto price gains bulls’ support at the present level, it could surge to the $50 mark within the next few weeks. However, the immediate support level for the INJ token is 36.22% below around $20.00. The price movements are relevantly more stable for INJ crypto than other major cryptocurrencies.

The buyers have an adequate probability of attaining the expected target if they are able to sustain the price above the key EMAs which would put the anticipated outcomes in the bulls’ favor. The present value of INJ is $30.311 and it has a market capitalization of around $2.54 Billion (press time).

Injective Protocol price has been trading in a bullish trend for the past few months. After making a breakout INJ crypto price has been finding consistent support from the buyers from the trendline. The historical price action data shows that the 200 EMA level has been acting as a crucial demand zone.

Technical Analysis of Injective Protocol Crypto Price in 1-D Time Fame

INJ
Source: INJ.1D.USD by TradingView

Injective Protocol ( USD: INJ) has steadily seen its crypto price surge for the last three months, gaining 318.08% and gaining 93.82% in the last month. Currently, INJ crypto is trading at $30.435 and has been trying to hold on to this level after an incredible surge in price.

If it can keep this level, the Injective Protocol price could continue to go up and reach the first and second targets of $40.00 and $50.00. However, if the INJ price cannot maintain this level and falls, then it might hit the closest support levels of $17.854 and $14.528.

Currently, Injective Protocol crypto (USD: INJ) is trading above the 50 and 200-day exponential moving averages (EMAs), which are supporting the price momentum. 

However, if buying volume rises, then the price might rise with bullish momentum, marking higher highs. Hence, the Injective Protocol price is expected to move upwards giving bullish views over the daily time frame chart.

The current value of RSI is 82.87 points. The 14 SMA is above the median line at 67.13 points which indicates that the Injective Protocol crypto is bullish.

The MACD line at 3.353 and the signal line at 2.041 are above the zero line. A bullish crossover is seen in the MACD indicator which signals strength in the momentum of the INJ crypto price.

Summary

Injective Protocol (USD: INJ) technical oscillators emphasize the bullishness on the chart. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the INJ crypto price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment.

Technical Levels

Support Levels: $40.00 and $50.00. 

Resistance Levels: $17.854 and $14.528.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

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