Connect with us
Active Currencies 14667
Market Cap $2,327,350,786,384.40
Bitcoin Share 53.79%
24h Market Cap Change $-0.21

Injective surges 18% in 7 days – Is $29 next for INJ?

2min Read

INJ has taken its first rally step and is trying to gather momentum for a rally. 

Injective surges 18% in 7 days - Is $29 next for INJ?

Share this article

  • Injective was gaining momentum following a breakout from a month-long descending channel, with projections pointing to an upward movement towards $29.84.
  • At press time, market sentiment around INJ was positive, positioning the token favorably.

Over the past week, Injective [INJ] has embarked on a major rally, gaining 18% after rebounding from the lower bound of its trading channel.

With a notable 3.02% increase in the last 24 hours, the upward trend appears set to continue.

Injective aims for $29 peak

As of press time, INJ was experiencing a significant upswing, having broken out of a descending channel that began in April. A pattern like this often precedes a major upswing. 

The breakout was initiated after INJ bounced off the support level of the descending channel and added extra momentum after trading at a subsequent support of 18.14.

If the current bullish strength continues, INJ can climb from its present price of $22.14 to the channel’s peak at $29.84, marking a potential gain of 33.07%.

Source: TradingView

Conversely, should INJ take a downturn, it could potentially revisit the $18.14 level before potentially resuming its upward trajectory.

Buying interest rises

The buying rate for Injective (INJ) has surged, with both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators signaling a bullish trend. 

The RSI was 65.80, indicating strong trader accumulation, which could further boost INJ’s price from its current level.

The MACD, a key trading indicator, reinforces this outlook by displaying a strong buy signal.

This is evident as the blue MACD line and the orange signal line have crossed into the positive territory, accompanied by a predominance of green, rising momentum bars.

Source: TradingView

Continued trends from these indicators suggested a favorable move for INJ in upcoming trading sessions.

THIS signals a continued bullish trend

Injective was experiencing a bullish surge at press time, per Coinglass, as more funding flowed into the asset. This was highlighted by a rise in its OI-Weighted Funding Rate, which stood at 0.0056% at press time.

Source: Coinglass

This increase suggested heightened buying activity in the market, especially as it occured during an upward trend.


Read Injective’s [INJ] Price Prediction 2024–2025


The OI-Weighted Funding Rate, which adjusts the standard Funding Rate based on the Open Interest of each leverage tier, offers a more precise reflection. 

A positive rate, as observed currently, typically indicates strong market optimism, supporting expectations for INJ to reach the $29.84 target.

Share

After losing his DOGE tokens due to a limited understanding of blockchain technology, Dolapo vowed to understand and explore its vast potential. Now, as a dedicated writer, he helps others learn the complexities of blockchain. At AMBCrypto, Dolapo uses his skills in technical analysis and on-chain tools to highlight emerging opportunities in the space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.