After trading under a bearish sentiment for over a week, the INJ price has recorded a bullish jump of 11.97% within the past 24 hours, highlighting a bullish reversal for the altcoin in the crypto industry. However, the bulls lost momentum at the $28 mark, resulting in its price leveling all its gains from the pump.
The INJ token displayed a significant uptrend over the past few weeks by adding over 40% to its portfolio. However, after recording a new ATH at $52.75, the bulls lost momentum, and the price erased all its gains from the year’s pump. Furthermore, its Year-to-Date (YTD) stands at -28.08%.
The Injective price displayed a neutral trend by trading in a consolidated range between $30.55 and $43.35 until the second week of March. Following this, the bulls gained momentum, broke out of the resistance level, and jumped 31.54% in valuation, resulting in the INJ price recording a new ATH.
After this, the bulls lost momentum and recorded a correction of 50.36% over the next 33 days. Further, its price is constantly hovering close to its important support level at $23.36 with its EMA 200-day acting as a resistance to the price action, indicating a mixed sentiment in the crypto space.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a decrease in the selling pressure within the crypto market. Moreover, the averages show a high potential for a bullish convergence, suggesting the price may experience increased price action in the coming time.
If the market holds the price above the support level of $23.36, the bulls will regain momentum and prepare to test its resistance level of $30.55. Furthermore, if the bulls maintain the price at that level, it will further rise and prepare to test its upper resistance level of $36.35 during the upcoming week.
However, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $18.50 this month.
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