- Injective Price formed a bullish hammer candle on a monthly basis.
- INJ crypto price defends $6.00 and sustains above 50 day EMA.
- The Injective Price is forming a bullish continuation pattern.
The Injective Price defended $6.00 level and displayed a bullish hammer candle on a monthly time frame. INJ crypto recovered 35% approx from the recent swing low at $5.597 and rising upward by forming a higher high candle.
Injective Price sustains above the 50 and 200 day EMA showcase uptrend and bulls continuing the dominance. The buying volume is rising and price also follows the upward direction shows some genuine investors have taken a long position.
Injective Price is trading at $7.486 with an intraday rise of 1.01%. The 24 hour volume to market cap ratio is 0.2072. The pair of INJ/BTC is trading at 0.0002675 with an intraday rise of 0.11%.
The price chart of Injective with the Bitcoin pair is also forming a highly bullish pattern. It seems like buyers are active on both the pairs and expecting an outperformance in the coming months.
In the month of April, INJ crypto prices performed well and up by 64% on a closing basis. However, It hit a swing high at $9.970 but due to profit booking buyers were unable to hold the higher level. Therefore, the $10.00 level will act as a strong supply zone in coming weeks.
Injective Price soars and prepares for $10.00?
Injective price is in the recovery mode and forming higher highs on a weekly time frame as well. Presently, no signs of weakness are visible and prices are likely to continue the upward momentum.
The market leaders Bitcoin and Ethereum Price are also recovering and mildly bullish. Therefore, if the recovery continues then it may fuel the rally in INJ crypto as well. If the buyers succeed to break the $8.00 hurdle then the probability of reaching $10.00 will substantially increase.
However, if the price faces rejection then it might consolidate in the range between $6.00 to $8.00 for the base formation. The technical analysis suggests, INJ crypto price is in uptrend and expected to perform well in the coming months.
INJ crypto grabbed the attention of long term inventors
INJ crypto price has grabbed the attention of the long term investors in the year 2023 due to its performance. If the token continues to perform well and reaches the $10.00 mark then the participation of the investors might increase. It will result in the rise of volatility as well as better price discovery.
The technical indicators like MACD have generated a positive crossover and the curve is rising upward. It shows the strength of bulls and more rally is possible. The RSI at 57 denotes strength and the confidence of investors.
Conclusion
Injective Price defended $6.00 support and showed a surprising recovery from the lower levels. INJ crypto price is forming a bullish continuation pattern and strength in the price is visible. The technical analysis suggests, Injective price is in uptrend and likely to perform well and test $10.00 mark in coming months.
Technical levels
Resistance levels: $8.00 and $10.00
Support levels: $6.000 and $3.624
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.