- Injective Price Prediction suggests a rise and long term outlook remains bullish.
- INJ Price sustains above 50 and 200 day EMA showcase uptrend.
- The Injective crypto price rising upward and forming a bullish pattern.
Injective Price Prediction suggests a rise and the long term outlook remains bullish till it holds $3.00 support. It is rising upward by forming higher high swings which is boosting the confidence of long term investors.
INJ Price performed well in the past few months and outperformed the overall market returns. It sustained above the 50 and 200 day EMA shows the positional trend is in upward direction.
The 200 day EMA is trading far away from the current price and short term retracement is also possible. The trading volume is on rise and prices following the same direction shows some genuine buyers have taken long positions.
Injective Price currently trading at $7.195 with an intraday rise of 2.61%. The 24 hour volume to market cap ratio is 0.1581. The pair of INJ/BTC is trading at 0.0002728 with an intraday rise of 4.20%.
The chart structure of Injective with BTC pair is forming a quite similar pattern like USDT pair. It shows buyers are active in both the pairs and dominating in the higher levels.
At the beginning of April, Injective Price breakout of $5.00 hurdle which triggered the positive sentiment. Later, prices began to rise and rallied 97% approx in the short period of time.
Will Injective Price test the previous high?
Injective price hit a swing high at $9.970 and tried to sustain the higher level. Sadly, the profit booking triggers and erodes the minor portion of previous gains. It formed a long tail bearish candle near $10.00 indicating it will act as an immediate hurdle in coming months.
The correction halted near $6.00 and after consolidating for a few days prices again gained the positive momentum. If the buyers succeed to hold the price above the 50 day EMA, the possibility of testing the $10.00 mark will substantially increase.
However, if the price fails to continue the momentum, then it may consolidate in a range between $5.00 to $9.00. The technical analysis suggests, INJ Price is in uptrend and rally is expected to continue in coming months.
INJ Price prepares for the next phase of rally
INJ Price rose by 19% on a weekly basis and formed a bullish engulfing pattern. If the overall market sentiment improves, it may positively impact the prices of other Altcoins. The next phase of rally in INJ crypto will be visible only after the $10.00 breakout.
Technical indicators like MACD are on the way to generate a fresh positive crossover. It shows bullish momentum is likely to continue for some more time. The RSI at 54 sloping upward denotes strength of bulls and more upside is open.
Conclusion
Injective Price Prediction suggests a rise and the long term outlook remains bullish. INJ price took support near $6.00 and formed a bullish continuation pattern. The technical analysis suggests, INJ Price is in uptrend and probability of testing $10.00 is high.
Technical levels
Resistance levels: $8.00 and $10.00
Support levels: $5.596 and $2.450
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.