Over the past day, the price of INJ has seen a 12.42% increase. Its trading volume has also seen a massive 150% surge, which means the coin is seeing a lot of activity. At publication, INJ is trading at $26.0. This market behavior suggests growing market participation and potential price movement.
Since 2023, Injective has shown a consistent upward trend, establishing higher peaks and troughs. This represents a substantial recovery from the 2022 market downturn when INJ declined from $100 in 2021 to approximately $2.
Moreover, technical analysis reveals a well-defined ascending trendline connecting successive price floors, indicating a robust bullish market structure. This trendline serves as a critical support level, potentially facilitating continued upward price movement.
What you'll learn 👉
Injective Chart: Support and Resistance Zones
The Injective price chart identifies crucial support and resistance zones. The $9–$10 range has proven to be a strong support level during past corrections, with the price repeatedly bouncing from this zone.
On the other hand, the $25–$30 range represents a critical resistance level. Historically, this level acted as support during earlier bull runs but became resistance during the bear phase.
The token’s recent surge beyond the $25 resistance level represents a critical development. A sustained price above this threshold could indicate continued upward momentum, suggesting potential for further appreciation.
Read Also: Top Analyst Reveals Key Events That Could Propel Ripple (XRP) Price by 10x
Injective Price Projections
Current technical analysis presents encouraging signals. The Relative Strength Index reading of 52 indicates moderate positive momentum, with potential for additional upward movement. The price is expected to retest the $25 level, which could establish it as new support before a possible rally.
While trading volume data is not shown on the chart, the recent 150% surge in trading activity suggests strong market interest. If the momentum continues, INJ’s price could target $200 in the long term, following the established bullish trajectory.
Injective’s price action and technical structure indicate the potential for further gains. The combination of strong support, a bullish trendline, and rising trading activity positions INJ as a token to watch closely. With $200 on the horizon, traders and investors are keeping a close eye on this cryptocurrency.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
