The injective (INJ) price rose over 9% on Wednesday, nearing a crucial breakout level for the finance-focused blockchain token. Market participants are now wondering if the coin’s bullish momentum will help it achieve a fivefold gain by the end of the year.
At press time, the coin is trading at $25.45, up 9.17% compared to the same time last day.
INJ chart shows bullish momentum
Currently, INJ has one of the most bullish charts, with a possible continued rally. Market participants believe that INJ is pressing against the daily falling wedge resistance. Wedges that are falling frequently indicate future higher advances. According to Satoshi Flipper’s analysis, INJ may have a large increase in price if it breaks through this obstacle.
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At $25, a solid price structure has developed, and a short-term negative trend line may be ready to break upward. Before the primary resistance at $31, there is minor resistance at $28 and $30, should the breakout happen. If this were broken, $INJ could move up to the next level, and the price might establish a base at $31.
The next objective for the coin would be the upper end of the range, which is $45, and the all-time high, which is $53, would come next. Because of the strong price structure, if $INJ can break over $45, it will have created the groundwork for much higher prices for the remaining part of the bull market.
INJ price prediction for coming month
As of August 15, 2024, the price of Injective is expected to increase by 224.88% to $79.25 if the bullish momentum continues. Other technical indicators reveal that the mood for the coin is bullish right now, and the Fear & Greed Index is 65 (Greed).
During the previous 30 days, Injective had 14/30 (47%) green days and 7.08% price volatility. Data also indicates that the overall bullish attitude in the Injective price prediction is bullish, with 22 technical analysis indicators indicating optimistic signs and 6 indicating bearish indications.
The 200-day SMA for Injective will increase in the upcoming month and reach $32.88 by mid-August. At the same time, Injective’s short-term 50-day SMA is predicted to reach $37.30.
The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). The INJ market is now neutral, as the RSI reading of 56.28 indicates.
