Bullish Pennant Pattern Suggests Injective Protocol Is Ready to Surge 40% from This Price: INJ Price Outlook

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


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.