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Cryptocurrency News Articles
Injective (INJ) Price Prediction 2023 – Will INJ Hit $29 Peak?
Sep 24, 2024 at 06:00 am
Over the past week, Injective [INJ] has embarked on a major rally, gaining 18% after rebounding from the lower bound of its trading channel.
Injective (INJ) has seen a major rally in the past week, surging by 18% after rebounding from the lower boundary of its trading channel.
The upward trend continued on Friday with a notable 3.02% increase in the last 24 hours, hinting at a potential rally towards the $29 peak.
Injective aims for $29 peak
INJ was undergoing a significant upswing at press time, breaking out of a descending channel that started forming in April. Such a pattern usually precedes a major upswing.
The breakout occurred after INJ bounced off the support level of the descending channel and picked up additional 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%.
Conversely, should INJ take a downturn, it could potentially revisit the $18.14 level before resuming its upward trajectory.
Buying interest surges
The buying rate for Injective (INJ) surged on Friday, with both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators signaling a bullish trend.
The RSI was at 65.80, indicating strong trader accumulation, which could further boost INJ’s price from its current level.
The MACD reinforced this outlook by displaying a strong buy signal. This was evident as the blue MACD line and the orange signal line crossed into the positive territory, accompanied by a predominance of green, rising momentum bars.
Continued trends from these indicators suggested a favorable move for INJ in upcoming trading sessions.
Injective bullishness surges (INJ)
Injective was experiencing a bullish surge at press time, according to 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.
This increase suggested heightened buying activity in the market, especially as it occurred during an upward trend.
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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