- INJ is currently trading near the 200-day EMA.
- It is presently trading at $7.45 with 5% growth in the last 24 hours.
- The token is down from its all-time high by 70.09%.
The token recorded its yearly high of $9.88 from where the price started a bearish move. It made a rounding bottom pattern from where the price started its recovery. After completing that, the price got a breakout above from the rounding bottom.
After the breakout the price made a bullish candle but the price failed to move upwards. It got rejected from the same level of yearly high and fell again to the support level of $6.6 on the 200-day EMA.
The price is currently trading with a surge in the trading volume by 56% in the last 24 hours.
The token recorded its all-time high on 30 April 2021 a single INJ token was valued at $25.01. The current circulating supply of the token is 83.75M INJ which is 83.76% of its total supply. It has a market capitalization of $625.11M, which has grown by 5.3% in the last 1 day. The 24-hour trading volume of the token is $29.87M.
Sentiment Analysis
The total market volume of the token has seen a decline of 29.47 in the last 1 week. The total social engagements decreased by 26.51%, which shows that the social community is not actively invested. Its total bullish sentiments have also seen a drop of 16.09%. The overall sentiments indicate that there may be an upcoming downtrend in the token.
The total bearish sentiments surged by 187.9%, which is a strong indication that the price may start a bearish movement.
Technical Analysis (Daily – 1D)
As we can see, the price gave a breakout above from the rounding bottom and tried to move upside. It got rejected from the yearly high of $9.88 and the price came down to the 200-day EMA.
After that, the price took support from the 200-day EMA and tried to move up but came down from the historic resistance of $7.6.
Currently, the volume of the token has surged in the last 24 hours. If the volume keeps on increasing, the price will break above the $8 resistance. The next target can be the yearly high or further we can also break the yearly high.
In an opposite scenario, If the price gets rejected from the $8 resistance and falls below the 200-day EMA and volume starts to increase, the price will be bearish and start a downtrend.
Relative Strength Index (RSI)
The RSI line is presently moving at 55.49 points and the SMA 14 is moving at 47.90 points. It is currently above the neutral level of 50. The RSI is showing that there is buying activity in the market of the token. Once the price reaches the $8 zone, the RSI will reach the overbought zone above 70 points. The price might get rejected in that condition and get bearish.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is above the red slow line moving average. The volume of the histogram is showing significant lows in the volume, which is a bearish sign. INJ coin’s volume has to surge if the price has to play a bullish move.
INJ LIVE CHART :
Conclusion
We should wait until the price reaches the resistance level of $8. If the price gets rejected with a decline in the volume, it will start a bearish move. Suppose the price breaks the resistance with an increased volume, it can be bullish and reach the yearly high or even more.
Also, If the price gets rejected again from the $7.6, it can fall again to the 200-day EMA.
Technical Levels
Support: $6.6, $5.6, $3.7 and $2.6
Resistance: $8 and $9.9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.