Injective Price Prediction: Tumbles Below $40 Amid BTC ETF Dying Euphoria, Here’s What Next For INJ

Injective price is moving fast from consolidation to sell-off, with the token sliding by 6% in the last 24 hours to trade at $38 at the start of the US session on Thursday. INJ has been one of the best-performing altcoins, skyrocketing from $1 in January last year to $45 this January.

Should the Injective price reclaim the $40 S/R, the path of least resistance would remain upwards on the trajectory to highs above $50. However, the token is dealing with mounting overhead pressure and might settle for consolidation between $35 and $40 in the coming few weeks ahead of the next attempt for a larger breakout.

reflects a notable surge in the blockchain finance realm. The platform, tailored for financial applications, has seen its token, INJ, break past significant resistance levels at $35 and $40. 

This increase follows a temporary downturn, but renewed buying interest has reignited its value. In the past year, INJ remarkably rose by over 1378%, climbing from around $1 to $40, showcasing its strong market presence and investor confidence.

Injective price has recently shown a sideways movement over the past 24-hours, with its value at $40.39, a minor drop of 0.64%, indicating slight bearish trends. Despite this, INJ/USD grew by more than 8% over the past week, hinting at a bullish future. Currently ranked 25th on CoinMarketCap, Injective boasts a market cap of $3 billion, reflecting a balanced market dynamic with potential for future growth.

Injective Price Prediction: Can INJ Hit $50 In January? 

Renowned crypto analyst Johnny forecasts a significant rise in Injective’s value. He predicts that INJ could break through its resistance, potentially surpassing the $50 mark. This optimistic projection points to a substantial uptick in Injective’s market performance, suggesting a strong bullish trend in the near future. 

$INJ consolidation here likely leads to a move towards $50+ pic.twitter.com/i4KzdBLAGe

— Johnny (@CryptoGodJohn) January 16, 2024

A pivotal moment looms for Injective as surpassing the $47 resistance barrier could potentially lead to significant gains. A successful breach above this level may pave the way for a push towards the $50 mark. If the bullish momentum sustains beyond $50, prospects of a surge up to the $55 resistance level emerge. Further advancements might propel INJ’s value towards a formidable $60 resistance point.

 If INJ closed above $40 consecutively, we could see an uptick to $50 and more, while losing the same level as support might lead to an extended dip to $35 and lower.

Technical Indicators Support Bullish Outlook for Injective

The daily technical analysis reveals a bullish trend, as indicated by several key indicators. The Moving Average Convergence Divergence (MACD) is currently in a positive zone, with its line surpassing the signal line. This is further evidenced by a green histogram, signaling a strong buying pressure in the market. In addition, the Awesome Oscillator’s reading stands at a positive $1.26, reinforcing the bullish trend.

The Relative Strength Index (RSI) mirrors this optimistic sentiment, maintaining a level above 54. However, it’s nearing the overbought mark of 70, The upward trend of both the 50 Smooth Moving Average (SMA) and the 20-SMA on the daily chart also supports a bullish long-term outlook.

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