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- 1 The Injective crypto lost traction on Monday and is headed to start the week on a negative note.
- 2 INJ crypto’s price was hovering near $35.46, recording a negative intraday development of 1.20%.
The Injective crypto price is trading lower in the early morning sessions on Monday, indicating the termination of a two-day gaining streak. The buyers were in a dominating position in the last two sessions of the previous week after INJ crypto rebounded from the 50-Day EMA.
Moreover, the daily chart showcases the formation of a descending triangle pattern. Injective price has repeatedly witnessed rejections from an upper trendline resistance. The sellers are shifting their establishment to the lower side and are currently placed near the most recent retracement at the $39.1 level.
On the lower side, the buyers are trying to hold the price above the lower boundary of the descending triangle pattern and near a round level of $30. The price has retraced and bounced off multiple times from the $30 level, indicating the support is getting weaker.
Are Sellers Committed to Smash the $30 level?
The short-term outlook seems indecisive and slightly bearish-biased until the INJ price is maintained between the upper and lower boundaries of the descending triangle pattern.
The recent sessions saw increased selling pressure being built from the upper levels. INJ crypto price is still unable to sustain at the lower levels to register a breakout.
Buyers have still maintained their presence near the round levels of $30 and are in no mood to shift to the lower levels. Now, if the sellers are able to sustain near the $30 level, it may add confirmation to the losing interest of buyers at the support, and INJ might register a breakdown.
Fresh downside moves may be observed on the charts if the price breaks below the $30 level on the lower side. Any breakdown below $30 may unlock INJ price potential till the 200-Day EMA and lower demand zone of $25 level.
Injective Crypto Price Technical Overview
The technical indicators imply a sideways outlook in the short term as the INJ crypto price shows multiple crossovers of the 20 and 50-Day Exponential moving averages, indicating a sideways outlook in the short term.
Moreover, the long-term trend will still favor the buyers until the price exceeds the 200-Day EMA.
Injective Price Prediction February 2024
The short-term price prediction of the INJ crypto indicates a sideways outlook until the price is maintained between the upper and lower boundaries of the descending triangle pattern.
Also, if the sellers dominate and the price breaks below the $30 level, it may validate a short-term bearish outlook, and the crypto may sink near the $25 level. On the flip side, if the Injective price breaks above the upper trendline, the buyers may regain control of the trend, and the price may surge higher.
Injective Crypto Prediction February 2024
The most bullish observation of our analysts assumes that the INJ crypto may attain a high of $58.4 by the end of the financial year. On the flip side, the less optimistic view of analysts expects a price target of $47.6 level.
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
