spot_img
spot_img
spot_img
spot_img
ThecoinrepublicCryptocurrencyInjective (INJ) Escaped Out Of Range: Could...
google-news-img

Trending

Hamster

Hamster

notco

Notcoin

mogutou

Mogutou

Premium Partners

immerion
spot_img

Injective (INJ) Escaped Out Of Range: Could It Stretch Beyond $40?

spot_img

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.”

Source: X

Likewise, in his tweet, Jelle stated, “If INJ pulls off the reclaim, it can reflect a massive bullish move ahead.”

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.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

spot_img
spot_img

Related News

Worldcoin
Kelvin Munene

Worldcoin Token Climbs Over 22% After Lockup Extension to 5 Years

Crypto
Kelvin Munene
Hong Kong Crypto Exchange
Maxwell Mutuma

Hong Kong Identifies 7 Crypto Exchanges as Unlicensed

Binance CEO The Coin Republic
Kelvin Munene
Gary Gensler US SEC
Maxwell Mutuma

Can Gary Gensler Be Fired On This Congressman’s Request?

Maxwell Mutuma
spot_img