Bitcoin(BTC) Rally Sparks Injective’s Price Surge: Can INJ Hit New ATH? Here is Why This Crypto Analyst Thinks So

The price of the Injective Protocol’s token INJ has seen significant gains over the past 24 hours. Pricing information from CoinMarketCap indicates that the value of INJ has risen to $39.91, marking a 3.72% increase, with its trading volume reaching $421 million over the last day.

Members of the cryptocurrency community have taken notice of Injective’s price movement and are anticipating further upside. ProfessorAstrones, a top crypto analyst, tweeted, “The train is leaving the station. See you at $100.” He expects the Injective token to more than double its current price.

Additionally, the decentralized exchange OMOSwap announced they have listed Injective on their platform. In a tweet, OMO stated they expect strong demand for INJ as Bitcoin trends back towards $60,000. They told followers to “Get your bags packed as the coins get ready for liftoff!”

Technical Analysis and Market Sentiment

Besides the listing by OMO, technical analyst Dark Knight sees the Injective price breaking out after a month-long consolidation phase. In his analysis, he notes increased buy pressure signaling rising interest from buyers. With Bitcoin pumping above $55,000, he believes “altseason” has arrived, referring to a period where alternative cryptocurrencies outperform Bitcoin.

Previously, Dark Knight had identified a support level at the 0.5 Fibonacci retracement. This support zone has held on successive tests, leading to rebounds in price. Now above $37, Dark Knight sees the breakout initiating a new rally to retest the all-time high around $45. He tells Injective holders to “brace yourselves for a new ATH!”

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The growing momentum behind Injective seems to support these optimistic outlooks. However, cryptocurrency prices can reverse rapidly. It remains to be seen if this latest surge will translate to new highs or end up as just another short-term spike. Nevertheless, the Injective project continues gaining support and adoption across the expanding decentralized finance ecosystem.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

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