Can Injective (INJ) Hit $20 After Hitting a 30-Day 100% Jump?
- INJ may hit $16 provided buyers remain the dominant party in the market.
- The MFI needs to avoid stagnancy in order to avoid stalling the INJ price action.
- The 1-hour chart indicated that the $14 to $15 region looks like a good entry point.
Like most altcoins, Injective (INJ) has participated in the broader market rally. At press time, INJ posted a 1.10% decline. But that was only a slight retracement compared to how far the cryptocurrency has come in the last 30 days.
Bears Quench the First Try
One month ago, the price of INJ was around $7.60, meaning the value has increased by 100% within the said period. On the INJ/USD 1-hour chart, bears are attempting to foil a potential upside targeting $16.
Needless to say, resistance is expected considering the long period of dominance bulls have had. Currently, bulls have opened solid support at $14.53, bringing up speculation that INJ could be set for more gains despite the slight retracement.
One indicator that backed up this notion was the Exponential Moving Average (EMA). As of this writing, the 9 EMA (blue) was above the 20 EMA (yellow). Typically, a move of the 20 EMA above the 9 EMA is deemed bearish. …
The post Can Injective (INJ) Hit $20 After Hitting a 30-Day 100% Jump? appeared first on Coin Edition.
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Can Injective (INJ) Hit $20 After Hitting a 30-Day 100% Jump?
- INJ may hit $16 provided buyers remain the dominant party in the market.
- The MFI needs to avoid stagnancy in order to avoid stalling the INJ price action.
- The 1-hour chart indicated that the $14 to $15 region looks like a good entry point.
Like most altcoins, Injective (INJ) has participated in the broader market rally. At press time, INJ posted a 1.10% decline. But that was only a slight retracement compared to how far the cryptocurrency has come in the last 30 days.
Bears Quench the First Try
One month ago, the price of INJ was around $7.60, meaning the value has increased by 100% within the said period. On the INJ/USD 1-hour chart, bears are attempting to foil a potential upside targeting $16.
Needless to say, resistance is expected considering the long period of dominance bulls have had. Currently, bulls have opened solid support at $14.53, bringing up speculation that INJ could be set for more gains despite the slight retracement.
One indicator that backed up this notion was the Exponential Moving Average (EMA). As of this writing, the 9 EMA (blue) was above the 20 EMA (yellow). Typically, a move of the 20 EMA above the 9 EMA is deemed bearish. …
The post Can Injective (INJ) Hit $20 After Hitting a 30-Day 100% Jump? appeared first on Coin Edition.
Read More