- 1 Injective price is trading above the key moving averages showcasing bullishness.
- 2 Despite the bearish market, INJ’s price is surging showcasing bullishness.
- 3 The 24-hour trading volume of INJ has increased by 78.96%.
Injective price is surging despite the bearish broader market. The volume spiked by 79% showcasing good buying and selling activity. Moreover, the on-chain metrics of INJ also highlight bullishness for the crypto.
Injective On-Chain Metrics are Giving Bullish Outlook
The on-chain metrics of INJ are giving bullish signals. According to the Santiment data, the total number of holders has been increasing for a long time. From December 23 the total amount of holders started to surge and at the time of writing, it stands at 42K.
Moreover, the development activity of the INJ is also on the inclined tremendously. On May 23, 2024, the development activity started surging and took a vertical spike. The Santiment data tracks the work done on the project’s public GitHub repositories.
Meanwhile, the increasing development activity is a bullish signal and is typically a positive sign for any cryptocurrency.
What Does Injective Price Analysis Shows?
The Injective crypto market cap has increased by 3.01% over the last 24 hours, after which the crypto volume has also advanced by 79.43% showcasing a rise in buying and selling activity.
INJ surged by 4220% from its all-time low price of $0.6557, which was hit on November 03, 2024. Moreover, the cryptocurrency hit its all-time high price about three months ago, and the crypto price is trying to surge to higher levels.
The Injective price facing rejection from the crucial resistance levels on the daily technical chart. It may reach a further upside level if the crypto price smashes above the resistance mark and sustains above it.
The support levels for the INJ crypto are $20.0 and $25.0, followed by the resistance levels of $35.00 and $51.00.
Decoding the Injective Indicators
The INJ crypto price has broken above the 50-day and the 200-day EMA levels showcasing bullishness. However, the price has to sustain above it to start a bullish rally.
The MACD and the signal line are trading in a positive zone, and the curves are showing a bullish cross. It is followed by green histograms on the indicator.
The RSI is also showcasing a bullish perspective and has broken above the 14-day SMA. The RSI has further sustained above the 50 level, showing buyers’ dominance in the crypto.
Summary
INJ has been performing well, trading above major exponential moving averages and undergoing a significant advance in 24-hour trading volume by 78.96%. The on-chain metrics also highlight a bullish trend, with an increasing number of holders and a notable surge in development activity, which is a positive indicator of the project’s health and investor interest.
Technical indicators like the MACD and RSI are in the bullish zone, suggesting continued buyer dominance in the crypto price. The price has already made substantial gains from its all-time low and is aiming to challenge higher resistance levels.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
