Popular crypto analyst X account ChartMonkeyBTC posted a technical analysis of the Injective Protocol token (INJ). The automated post highlighted a bullish pennant pattern forming on INJ’s 12-hour price chart, suggesting the potential for a significant price increase of 35-40% soon.
ChartMonkeyBTC advised followers to keep an eye on INJ for a potential buying opportunity based on this bullish setup. According to the chart, the bullish breakout could be around $36. This comes as INJ’s price has been steadily climbing over the past few days.
INJ is currently trading at a price of $35.25. This latest price shows an increase from the token’s closing price on the previous day. The relative strength index (RSI) for INJ stands at a reading of 52.17. This means INJ is neither overbought nor oversold at the moment and indicates relatively balanced market sentiment. The lack of an extreme RSI reading suggests there is likely minimal excessive buying or selling pressure on the token currently.
INJ’s 200-period exponential moving average (EMA) points to the cryptocurrency experiencing a long-term upward trend. Additionally, the 100 EMA shows a moderate upward trajectory over the medium-term, while INJ’s 50 EMA confirms the token has been on a short-term upswing lately too. Together, these moving average dynamics provide further validation of the positive momentum INJ has made lately.
Given the uptrend suggested across key indicators and time horizons, traders may want to monitor INJ in case this recent ascent continues. However, the balanced RSI position would also indicate potential consolidation in price action as opposed to sharply positive or negative movements in the very near future.
Analysts advise traders to closely monitor INJ’s price action in the coming days. But overall, analysts seem confident in the token’s bullish momentum continuing if it can decisively move past any near-term hurdles.
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