Injective (INJ) Heats Up After 8% Spike: Can It Sustain the Rally?
- Injective has posted a gain of over 8%, currently trading at $14.
- INJ’s daily trading volume has surged by 43%.
The crypto market opened the day with mixed sentiment, with the total market cap resting at $3.45 trillion. Among the altcoins, Injective (INJ) has posted a bullish price action with an 8.18% surge over the past 24 hours.
In the early hours, Injective recorded its daily low price at around $13.40. Gradually, the asset ascended to a high of $14.84, with the support of the bulls. At the time of writing, Injective traded in the $14.78 range, with a market cap of $1.47 billion. Concurrently, the daily trading volume of the asset has surged by over 43.17% and has reached $202 million.
Furthermore, zooming in on the seven-day price chart of Injective, it has recorded a gain of over 25.97%. The asset began the week trading at a low of $11.74, and the bullish pressure in the market has sent the price to climb to a high of $14, reaching the current trading level.
Will Injective Bulls Maintain Control?
The four-hour price chart of Injective showcases the upward movement. The ongoing bullish momentum might likely trigger the price climb toward the $15 level. Assuming the asset’s upside correction continues, the emerging bulls could push INJ to test the key resistance above $15.15.
Contrarily, if the uptrend of INJ fades, it could immediately find the nearby support at the $14.75 range. In the event that the asset fails to hold this level, the bears might lead the price to plunge, and the subsequent support can be found at the $17.60 mark.
Moreover, INJ’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating a bullish sentiment in the market. Also, the traders often view this crossover as a buy signal. The Chaikin Money Flow (CMF) indicator is likely settled at 0.19, suggesting strong buying pressure and the money is flowing into the asset, with more volume associated with upward price movement.
Additionally, the current market sentiment of INJ hints that the asset is approaching overbought territory and may be due for a short-term consolidation or correction, as the daily relative strength index (RSI) is found at 69.05. Besides, the Bull Bear Power (BBP) reading of 1.78 signals strong bullish momentum in the market and positive price pressure.
Highlighted Crypto News
Read More
Injective (INJ) Heats Up After 8% Spike: Can It Sustain the Rally?
- Injective has posted a gain of over 8%, currently trading at $14.
- INJ’s daily trading volume has surged by 43%.
The crypto market opened the day with mixed sentiment, with the total market cap resting at $3.45 trillion. Among the altcoins, Injective (INJ) has posted a bullish price action with an 8.18% surge over the past 24 hours.
In the early hours, Injective recorded its daily low price at around $13.40. Gradually, the asset ascended to a high of $14.84, with the support of the bulls. At the time of writing, Injective traded in the $14.78 range, with a market cap of $1.47 billion. Concurrently, the daily trading volume of the asset has surged by over 43.17% and has reached $202 million.
Furthermore, zooming in on the seven-day price chart of Injective, it has recorded a gain of over 25.97%. The asset began the week trading at a low of $11.74, and the bullish pressure in the market has sent the price to climb to a high of $14, reaching the current trading level.
Will Injective Bulls Maintain Control?
The four-hour price chart of Injective showcases the upward movement. The ongoing bullish momentum might likely trigger the price climb toward the $15 level. Assuming the asset’s upside correction continues, the emerging bulls could push INJ to test the key resistance above $15.15.
Contrarily, if the uptrend of INJ fades, it could immediately find the nearby support at the $14.75 range. In the event that the asset fails to hold this level, the bears might lead the price to plunge, and the subsequent support can be found at the $17.60 mark.
Moreover, INJ’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating a bullish sentiment in the market. Also, the traders often view this crossover as a buy signal. The Chaikin Money Flow (CMF) indicator is likely settled at 0.19, suggesting strong buying pressure and the money is flowing into the asset, with more volume associated with upward price movement.
Additionally, the current market sentiment of INJ hints that the asset is approaching overbought territory and may be due for a short-term consolidation or correction, as the daily relative strength index (RSI) is found at 69.05. Besides, the Bull Bear Power (BBP) reading of 1.78 signals strong bullish momentum in the market and positive price pressure.
Highlighted Crypto News
Read More