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Injective Price Consolidates In a Range: Bulls Losing Momentum?

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Injective Price Consolidates In a Range: Bulls Losing Momentum?
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Injective crypto is on a three day losing streak and is currently headed to the lower boundary of the consolidation range. The price dropped below the 20-Day EMA, showing early signs of weakness.

The INJ crypto price is hovering back and forth in a range for the past several sessions, highlighting short-term volatility. The short-term trend is neutral until the price stays in in the range. The lower and upper boundaries of the range are $33.93 and $43.67 respectively.

At the time of writing, the INJ crypto price was hovering near $37.67 with a 3.75% drop. The crypto has a total market cap of $3.16 Billion and ranked 29th in the overall crypto market. It has a 24-hour volume of 157.97 Million with a drop of 6.50% as compared to the previous day. 

Injective Price Consolidates In a Range: Bulls Losing Momentum?
Source: CoinMarketCap

Injective Crypto Price Trend Analysis

The trend outlook shows that INJ crypto price has been maintaining a strong outlook over the past three months and has bagged high returns for investors. The price trend turned optimistic in mid-October after the breakout above $10. 

Since then the price has traversed all the way from $8 in October to $45 in the first week of January 2024. The crypto turned out to be a multibagger in the period gaining a total of 450% in the period.

Moreover, the recent fall has taken the price to a monthly low. The INJ price is down nearly 8.5% a week after losing continuously for the past three sessions.

INJ crypto fell below the 20-Day EMA which is very likely an early sign of weakness. Furthermore, the crypto is hovering above the 50-Day and 200-Day EMAs, suggesting a positive trend prevails.

At press time, RSI was at 50.87 points and that of the SMA line was at 55.89 points. RSI has made a bearish crossover of the SMA line indicating early signs of weakness. However, both the lines are above the mean line indicating a positive outlook. 

Injective Price Prediction January 2024

Injective Price Consolidates In a Range: Bulls Losing Momentum?
INJ/USD Chart by TradingView

As per the most optimistic view of our analysts, the INJ price could reach a high of $50.06 by the end of the month. The bearish view of analysts hopes for a breakdown near the recent support after which the price may drop to a low of $33.17.

Injective Price Prediction 2024

The price prediction for 2024 shows that Injective crypto may advance to a high of $64.13 by the end of year 2024. The less optimistic analysts estimate a price target of $51.84 by the end of year 2024.

Injective Price Prediction 2025

On the most bullish observation, Injective crypto could gain to a high of $88.6 in the year 2025. On the flip side, the most pessimistic prediction of our analysts is for the price to reach $66.22.

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 or stock comes with a risk of financial loss. 

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