- Despite a general downturn in the cryptocurrency market, Injective’s (INJ) price has seen a 10% increase in the last 24 hours.
- The price of INJ has reached a resistance level of $7.96, and a high trading volume indicates increased investor interest.
- However, some technical indicators suggest a possibility of a short-term correction or pullback in INJ’s price.
In the midst of a deepening slump in the cryptocurrency market, Injective (INJ) has managed to turn the tide in its favor. While major cryptocurrencies like Bitcoin (BTC), XRP (XRP), and Polygon (MATIC) have hit their monthly lows, INJ has defied the overall market trend with its rise.
INJ’s Price Increased by 10% in the Last 24 Hours
After hitting its monthly low of $6.75, a significant support emerged for the INJ token, quickly sweeping away the downward momentum. As a result, INJ’s price rose to $7.96, the highest level in the last 24 hours, before encountering resistance. Currently, the bullish trend in the INJ market continues to remain strong as the price has risen by 7.08% from the previous day’s low to $7.81.
If the resistance level of $7.96 is breached, we could see further upward movement, possibly testing the next resistance level at $8.50. If the pressure built by buyers fails to break this level, a consolidation phase may begin or a minor correction may be observed.
INJ’s market value and trading volume in the last 24 hours have increased by 6.79% and 88.20% respectively, rising to $650.48 million and $101.81 million. This significant increase reflects the growing investor interest and activity towards the altcoin. The substantial increase in trading volume indicates strong demand for INJ, which could contribute to further price increases.
Potential Pullback in INJ’s Price
The Keltner Channel is widening on the 2-hour price chart of the INJ/USD pair, with the upper, middle, and lower bars touching $7.94, $7.46, and $6.98 respectively. This expansion indicates a period of increased volatility and potential price movement. However, the formation of red candlesticks after reaching the upper band suggests a possible short-term pullback or correction in INJ’s price.
Furthermore, the Relative Strength Index (RSI) indicator pointing downwards at 59.08 contributes to the potential for a short-term pullback. The falling RSI indicates that buying pressure may weaken, supporting the possibility of a correction in INJ’s price. If the decline in RSI continues and dips below the 50 level, the likelihood of a short-term pullback will be confirmed.
In addition, the Money Flow Index (MFI) indicator, currently at 77.86 and showing signs of decline, provides further evidence of a potential pullback in INJ’s price. The MFI measures the inflow and outflow of money into an asset, and a decline in MFI means that investors are starting to sell. If the MFI continues to fall and drops below the 70 level, it will strengthen the possibility of a correction in the altcoin’s price.
Conclusion
Despite the overall bearish trend in the cryptocurrency market, Injective (INJ) has managed to buck the trend with a 10% increase in its price over the last 24 hours. However, technical indicators suggest that a short-term correction or pullback may be on the horizon. Investors should keep a close eye on these indicators and the market trends to make informed decisions.
