Price Analysis View Non-AMP

INJ Price Analysis: Will INJ See a Price Correction in the Near Future?

Published by
Sohrab Khawas

With a sideways trend in the daily trend, the underlying sentiments in the altcoins are on a bullish reversal. As the broader market improves, the INJ price shows a recovery rally gaining momentum. 

The altcoin trades at a discount of 45% from its all-time high, revealing massive upside potential. Will the uptrend in the Injective protocol surge above the $30 mark? Let’s find out more in the INJ price analysis.

Injective Reveals Bullish Pattern For 35% Upside

With a market cap of $2.75 billion, the INJ price has increased by 7.5% in the last 24 hours. Further, the 25% jump in the last ten days projects an impressive recovery rally gaining momentum. 

Further, the INJ price action shows an inverted head-and-shoulder pattern with a neckline at $30. This pattern suggests a bullish trend possibility in the Injective protocol. 

Currently, the altcoin trades at $29.508 with an intraday gain of 0.62% teasing a bullish breakout today. In case, the uptrend sustains to cross $30, the sideline traders can witness a huge surge in the coming days. 

Technical indicator:

EMA: The 50D and 200D EMA resist a bearish flow as the INJ price recovers. Further, the average lines tease a golden crossover teasing a bullish reversal. 

RSI: The daily RSI line shows an increase in buying pressure as it crosses into the overbought boundary. 

Will The INJ Price Reach $40?

If the buyers maintain the trend control and hold the price above $30, then the INJ price can continue the uptrend at high momentum. Further, with the bullish breakout of the inverted head and shoulder, the altcoin can reach the $40 mark at the 61.80% Fibonacci level. 

On the contrary, if the bears sustain dominance at the $30 neckline, then the recovery rally will lose momentum and might fall to the support level of $21. 

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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