- 1 The Injective token price has split the range neckline hurdle of $30 this week.
- 2 The key metrics suggest a possible up move on a short-term basis.
INJ is the native token of Injective Protocol, a blockchain protocol optimized for trading assets across different blockchains.
Recently, it has breached its upper neckline hurdle of $30, reflecting its bullish momentum. A decisive break and close above the $35 mark would stretch the INJ price toward $45, followed by $50 soon.
Over the past few weeks, the Injective token price has stayed in a closed range and has not showcased any impulsiveness yet. However, the bulls have looked confident and are eager to stretch the token price toward the upside trajectory of $50.
At press time, the Injective token price traded at $27.72 with an intraday drop of 4.30%, reflecting neutrality on the charts.
The pair of INJ/BTC is at 0.000414 BTC, and the market cap is $2.67 Billion. Analysts are neutral and suggest that the INJ price may stretch the up move and will soon soar toward the $50 mark.
What’s Next For Injective (INJ) After Range Breakout?
Recently, the bull army has succeeded in its mission of breaching the consolidation phase and is looking to accelerate the gains toward the $50 mark.
However, post-range breakout, buyers are eyeing a follow-on up move and are still hovering around the $30 mark, signifying the lack of buying momentum in the intraday session.
Until the $35 mark was not breached, the seller army would aim to push the token again into the range. Interestingly, the buyers’ army has started to accumulate and show their presence.
Source: Santiment
The Momentum Oscillators revealed the bullish projection and the RSI curve spiked to the overbought zone, highlighting a positive outlook.
Similarly, the MACD indicator forms green bars and reflects the bullish crossover.
It is ranked at 46 per the market cap and has a total supply value of 100 million. Nonetheless, its trading volume dropped over 9.80%, and its market cap rose to $2.68 billion this week.
A recent tweet by @Daancrypto mentioned,” INJ Is trying to retake the range. I don’t own any position in this yet but it’s definitely on my radar.
Currently consolidating between the Daily 200MA (Purple) and EMA (Blue).
As long as $29-30 is held as support I am expecting this to move up higher into the range.”
$INJ Is trying to retake the range.
— Daan Crypto Trades (@DaanCrypto) June 14, 2024
I don't own any position in this yet but it's definitely on my radar.
Currently consolidating between the Daily 200MA (Purple) and EMA (Blue).
As long as $29-30 is held as support I am expecting this to move up higher into the range. https://t.co/YKn7K5LFvI pic.twitter.com/7SrR1fgMdT
Source: X
Likewise, in his tweet, Jelle stated, “If INJ pulls off the reclaim, it can reflect a massive bullish move ahead.”
If $INJ pulls off the reclaim we've been talking about — here's what I'm looking for pic.twitter.com/ZKaNrLAd1k
— Jelle (@CryptoJelleNL) June 14, 2024
Source: X
Price Volatility and Sentiment Reflects a Surge
Following the range breakout, investors have shown a positive outlook and revealed their attention, which reflects a spike in the weighted sentiment data.
Source: Santiment
Similarly, the price volatility curve has dropped over 24.3% to 0.026 mark, witnessing investor speculation.
Surge In Popularity
This week, users’ engagement on social media platforms increased, and a spike in social dominance data was noted.
Source: Santiment
A notable spike of over 180% in the Twitter followers data was noted, and users are showing their interest and started discussing the token.
Development Activity and Open Interest Data Reveal Bullish Cues
Fueled by the sharp rise in development activity, the token price surpassed the primary hurdle of $30 and is guiding a bullish outlook.
The development activity soared over 34% to the 21.14 mark and has reached the blue skyzone.
Source: Santiment
The Futures OI data highlights a short covering data, and the open interest dropped over 4.30% to $137.68 million in the last 24 hours. The immediate support levels for the INJ token are $25 and $20, whereas the key upside hurdle is around $32, followed by $38.
Conclusion
The Injective token price climbed above the 100-day EMA mark and is trying to overtake the $35 mark to stretch the bullish moves ahead. Meanwhile, the trend is neutral, and buyers are looking confident and interested in uplifting gains shortly.
Disclaimer
This article is for informational purposes only and provides no 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 research before making any financial decisions.
