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Injective Price Prediction: Defying the broader market sentiment of uncertainty, the Injective coin entered a strong recovery mode from the second week of December. Amid this rally the coin surged from $16.63 to a recent high of $25, registering a growth of 67.48% in a week. This upsurge is likely influenced by the increasing social media activity for the injective protocol(INJ) and the formation of a bullish reversal pattern called a rounding bottom. Will the current recovery surpass $30?
Also Read: Bitcoin’s Stride For Making All Time High Is Similar To Historic Run In 2021
Is INJ Ready For a Rally to $30?
- A significant rise in social media buzz around Injective Protocol (INJ) indicates the escalating interest in the project
- A bullish breakout from the wounding pattern should intensify the buying pressure for a rally past $30.
- The intraday trading volume in INJ is $10.2 Billion, indicating a 78% gain.
The injective protocol coin has been on a recovery trend since the beginning of 2023. Starting the year at $1.25, the coin pair has surged to a current trading price of $26.4, registering a 41 rally.
However, a technical chart shows this parabolic growth is developing into a rounding bottom pattern, which is commonly spotted at the market bottom to signal a trend reversal. Moreover, the recent data from AlphaScan, as of December 11, indicates a significant uptick in social media discussions about Injective Protocol (INJ).
This heightened chatter has placed INJ in a prominent position, becoming the second most talked-about token on social platforms, just behind Bitcoin (BTC). This increase in online discussions has elevated INJ’s visibility and formation of a rounding bottom pattern and bolstered this altcoin’s higher growth.
With an intraday growth of 10%, the coin price gave a bullish breakout from the $25.4 neckline Rounding Bottom Pattern signaling an early sign of trend reversal. With sustained buying the INJ price could rise to a $50 psychological level.
Should You Buy INJ at $25 Dip?
Amid the recent rally, the injective coin has witnessed occasional pullback to recuperate its exhausted Bullish. Interestingly, this correction has mainly found support around the 38.2% or 50% Fibonacci retracement level which is a healthy commitment to a long-term rally. Thus, the anticipated rally could witness a minor pullback and the traders can remain bullish with the aforementioned levels intact.
- Average Direction Index: The ADX slope at a high of 0.29. Looks like buyers would have sufficient momentum to lead a stronger recovery.
- Exponential Moving Average: the 20-and-50 EMA, has continued to offer strong pullback support to this asset.
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