Injective (INJ) has experienced an impressive price surge of over 930% since the beginning of the year, despite the overall bearish trend in the crypto market. This surge reflects a tenfold increase in value for INJ. The token currently has a market capitalization of around $1 billion, placing it at 44th in terms of market capitalization rankings. However, the daily trading volume for INJ is relatively low at just under $80 million compared to its market capitalization.
The INJ price recently broke through the 0.382 Fibonacci resistance level at $10.4 and is now aiming for the next resistance levels at around $16.2. The RSI is currently neutral, but there are positive signals from the MACD lines and histogram, indicating bullish momentum on the monthly chart.
On the weekly chart, there is a potential bearish divergence developing in the RSI, which could lead to a significant corrective movement in the price. However, the MACD lines remain bullish, suggesting further upward movement before any major correction occurs.
In the event of a correction, INJ has notable support levels at $8.4 and $5.6, with additional support from the 50-week EMA at $6.4. On the daily chart, there is a golden crossover in the EMAs confirming a short to medium-term bullish trend. However, there are early signs of potential bearish pressure from the MACD histogram and an overbought RSI.
The 4-hour chart also confirms a bullish trend with a golden crossover in the EMAs, but conflicting MACD signals indicate uncertainty in the shorter-term price direction. The RSI is currently neutral in this timeframe.
Against Bitcoin, INJ has shown strength throughout the year with a 432% increase in value. The token recently broke through a critical resistance level and may reach its previous high point. The monthly chart displays positive indicators with bullish movement in the MACD histogram and bullish crossover in the MACD lines. The RSI is approaching overbought regions, indicating strong buying momentum.
Traders and investors should monitor how INJ’s price behaves within the resistance zone mentioned. In the event of a bearish rejection, significant Fibonacci support levels can be found.
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