Injective Protocol Crypto: Will INJ Break the $10 Mark In 2023?
- 1 Injective Protocol crypto price increased by 12.49% over the past seven days.
- 2 Injective Protocol crypto price is currently trading at $7.480 with a drop of 1.95% in the last 24 hours, with a market cap of $626.91 Million.
Injective Protocol price prediction suggests that the INJ crypto is presently moving on an uptrend after breaking out of the bear’s stronghold. The price is trading above the critical EMAs on the daily timeframe. The volume declined slightly which indicates that there is a fall in buying and selling activity.
If the price gains buyers’ support at the present level, it can see a surge near the price of $6.500 within the next few weeks, whereas the immediate support level for the token is 50 EMA. The price movements are relatively more stable for INJ crypto than other major cryptocurrencies.
The buyers have an adequate probability of attaining the expected target if they are able to sustain the price above the 200 EMA which would put the anticipated outcomes in the bulls’ favor.
The present value of INJ is $7.480 and it has a market capitalization of around $626.91 Million (press time)
Injective Protocol price has been trading in a bull trend for the past few months. After making a breakout INJ crypto price has been finding consistent support from the bulls from the trendline. Observing the historical price action, it can be estimated that the 200 EMA level has been acting as a crucial demand zone.
Technical Analysis of Injective Protocol Crypto Price in 1-D Time Frame
Source: Injective Protocol.1D.USD by TradingView
Injective Protocol (USD: INJ) has steadily seen its crypto price rise over the past three months, gaining 10.75%. Currently, INJ crypto has been trying to hold on to this level after an unexpected surge in price.
If it can keep this level, the Injective Protocol price could continue to go up and reach the first and second targets of $7.943 and $8.893, respectively. However, if the INJ price cannot maintain this level and falls, then it might hit the closest support levels of $7.302 and $6.352.
Currently, Injective Protocol crypto (USD: INJ) is trading above the 50 and 200-day SMAs (simple moving averages), which are supporting the price momentum.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, Injective Protocol price is expected to move upwards giving bullish views over the daily time frame chart.
The current value of RSI is 59.80 points. The 14 SMA is above the median line at 45.61 points which indicates that the Injective Protocol crypto is bullish.
Injective Protocol (USD: INJ) technical oscillators also support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the INJ crypto price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment.
- Support Levels: $7.302 and $6.352.
- Resistance Levels: $7.943 and $8.893.
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions