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Injective price prediction: INJ is struggling to sustain support at $35 but the current technical structure appears to paint a grim picture likely to result in a sweep through liquidity at $30. Although the past few months were remarkable for the digital asset, the ongoing bearish outlook is the ultimate litmus test.
Will Injective recover to explode past $50 or are sellers likely to emerge winners and trigger a massive sell-off? Despite the ongoing volatility, there is a sense of growing optimism regarding its short-term potential.
At the time of this report, the Injective price has witnessed a notable decline of 5% in its market value. This minor setback occurs amidst a market environment leaning towards an expected bullish phase. This token is currently priced at $36.27. It boasts a market capitalization of approximately $3 billion, securing it the 28th spot in the cryptocurrency rankings by CoinMarketCap. The 24-hour trading volume has surged by over 5, reaching $168 million. This increase suggests a rising interest in the token among buyers.
Market Optimism grows for injective despite recent INJ price volatility
Despite the recent dips, the past year has been remarkable for the Injective price. It has soared by an impressive 2,313%, escalating from a low of $0.65 to an all-time high of $45 on January 9. Market analysts remain optimistic, foreseeing a bullish trend in the foreseeable future.
$31.00 level we still ned to remain above legends to be bullish short term pic.twitter.com/OQG6wnGZhD
— Crypto Tony (@CryptoTony__) January 18, 2024
Despite trading above $31, renowned crypto analyst Crypto Tonny maintains a bullish outlook on the INJ’s future. He predicts a significant upturn post-current correction, indicating a robust Bull Market ahead that may extend for months. His perspective sees the impending rise as a sustained trend, not just a temporary boost, suggesting a promising long-term trajectory for the digital asset.
Technical analysis indicates bullish future for Injective blockchain token
A crucial juncture awaits Injective as it approaches the critical $40 resistance level. Overcoming this barrier might lead to substantial gains, potentially setting the stage for a rally towards $50. Once past this threshold, the digital asset could aim for the $55 resistance if the bullish trend continues. However, if the bearish pressure persists, a fall to the $30 support level, followed by a further drop to $25, is possible.
The daily technical analysis reveals a potentially bullish trajectory for INJ despite a minor downturn observed recently. The Relative Strength Index (RSI), presently at a neutral 48, hints at an impending shift towards overbought conditions fueled by expected bullish momentum. The Chaikin Money Flow(CMF) stands affirmatively at 0.01, indicating a bullish trend.
Moreover, aligning the 20 Exponential Moving Average (EMA) and the 50-EMA adds to the optimistic sentiment surrounding the digital asset. These indicators collectively suggest a positive outlook, with the EMA trends particularly reinforcing the potential for an upward movement in the near future.
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