Injective (INJ) Defies Market Trends with 15% Rally
Injective (INJ) saw a 15% rally at the end of last week, defying the downward trend of major cryptocurrencies like Bitcoin, Ethereum, and Binance Coin. After hitting monthly lows at $6.75, the price quickly recovered and rose to $8.09. However, it has since cooled down and currently trades at $7.55, 4% down in the last 24 hours.
Where is Injective Price Headed Next?
- INJ is facing resistance from the 50-day Simple Moving Average (SMA) at $7.71.
- If this resistance is broken, the next level to watch is $7.90, which is the upper boundary of the descending parallel channel.
- If buying pressure continues to build, INJ could rise further and encounter resistance from the 100-day SMA at $8.14.
- In more ambitious scenarios, INJ could aim for the range high of $9.75, marking a 31% increase from the current price.
INJ/USD Daily Chart
The Moving Average Convergence Divergence (MACD) indicator supports the positive outlook for INJ. The recent crossover of the 12-day Exponential Moving Average (EMA) below the 26-day EMA suggests a buy signal. On the downside, the Relative Strength Index (RSI) indicates a preference for the downside, with a current reading of 45.
INJ Alternatives – Consider Wall Street Memes (WSM)
While INJ ponders its next move, consider Wall Street Memes (WSM), the native token for the Wall Street Meme ecosystem. With an active community of one million members, including notable personalities and endorsements from Elon Musk, WSM is gaining traction. The token is currently in the presale stage and can be purchased for $0.0337 using ETH, USDT, or a bank card. Wall Street Memes is set to be listed on major cryptocurrencies in less than 36 days.
Hot Take
Despite the recent rally, INJ faces resistance and has cooled down. The next few days will be crucial in determining whether it can break through the barriers and continue its upward momentum. Meanwhile, Wall Street Memes presents an alternative investment opportunity with its active community and endorsements from influential figures like Elon Musk.
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