Injective (INJ) Token Defies Bearish Crypto Market Sentiment
Amid a bearish sentiment prevailing in the crypto market over the past 24 hours, the Injective (INJ) token has managed to turn the tide in its favor. Major cryptocurrencies like Bitcoin, XRP, and Polygon have seen monthly lows, but INJ’s bullish momentum has defied the trend.
Main Breakdowns:
- INJ price has surged by 10% in the last 24 hours after hitting a monthly low of $6.75.
- The market capitalization and trading volume of INJ have surged by 6.79% and 88.20%, respectively.
- The Keltner Channel widening and the declining Relative Strength Index (RSI) and Money Flow Index (MFI) indicate a potential short-term pullback in the INJ price.
- Breaking through the $7.96 resistance level could trigger further upward movement.
- Investors should exercise caution and stay tuned for further market developments.
Hot Take:
Despite the bearish sentiment in the crypto market, the INJ token has shown resilience and bullish momentum. However, technical indicators suggest a potential short-term pullback. It is important for investors to stay cautious and monitor the market closely for further developments.
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