Injective (INJ) Price Prediction: Analysts Anticipate a Rally Towards $21-$22

After a strong week of price performance, Injective (INJ) is preparing for a short-term breakout that could lead to a rally of up to $21, according to several analysts.

Over the past 24 hours, INJ price rose 6.51% to reach $16.54 in market value. The token had risen to highs of $17.06 during the past week, while lows reached $13.38.

After several weeks of flat price movement, Injective (INJ) is finally setting up for a breakout that could lead to price targets of $21-$22. If the token fails to maintain crucial price levels, it could lead to a re-dip to lower support at $13.50.

Crypto investor Ted highlighted the token’s price action on a chart, showing a distinct ascending triangular pattern. The token proceeded higher and flatter from $22 to an upward trend line.

If the token manages to stay above $16.50 over the next several weeks, it could lead to INJ’s price moving toward $21–$22, according to Ted’s prediction.

However, the investor warned that not keeping the price above $16.50 could lead to a possible re-dip. This matches the lower trendline at $13.50.

Several market analysts are now watching INJ price moves as it approaches the crucial breakout mark. They are waiting to see if it can maintain its present volatility and reach the expected $21-$22 price level.

Injective (INJ) price technical overview

One-hour technical signals showed that INJ was moving up in its market trend. The Relative Strength Index (RSI) had reached a reading of 50.27, indicating potentially growing bullish momentum.

However, it stayed beneath the overbought area. The Moving Average Convergence Divergence (MACD) indicator maintained positive movements since it crossed above the zero line.

Derivatives data showed that traders feel increasingly optimistic about market trends. Market participants showed a 2.23 ratio of long position bets compared to short positions on Binance.

Still, they preferred long bets by 1.3 on OKX. Trading volume decreased by 5.29% to reach $204.28 million as traders continued to maintain dominant long positions on the market.

The open interest dropped by 9.40% as trading interest fell to $103.57 Million. A short squeeze may have contributed to the recent INJ price movement, with $476.36K in liquidations over 24 hours. Out of this amount, $423.61K came from short positions. This suggested that bearish traders were forced to exit their positions as the price increased.

The market showed signs of a momentum rise. However, its majority group, 73% holders and 23% profitable investors maintained losses.

The market could experience selling because investors will likely dispose of their assets if the INJ price stops increasing. The control of 94% of INJ supply rests with large holders who may cause price fluctuations.

Long-term confidence among investors exists since 57% of holders maintain their positions for over a year. Institutional interest is growing, with transactions exceeding $100K, totaling $23.17 Million in the last seven days.

Despite a slight drop in Telegram engagement by 0.29%, transaction activity remains evenly distributed between Western and Eastern markets.

The correlation between INJ and Bitcoin stood at 0.93, which suggests that its price movements show strong connectivity to BTC. Market participants must observe Bitcoin price fluctuations since their changes can affect INJ’s market direction.