Injective (INJ) is currently consolidating below the 50-day Simple Moving Average (SMA), indicating a period of price stability. This could potentially lead to a 36% rally to $10 in the coming days. The recent recovery in INJ’s price has been driven by various developments and updates from the Injective protocol, including the launch of Apello, a set of tools for Cosmos NFTs, and Levana Protocol’s new perpetual swap exchange on the Injective testnet.
Other positive developments include the integration of native USDC stablecoin through Circle and Noble, as well as the upcoming launch of native .inj domain names. These developments have sparked excitement among investors, leading to speculations of a sustained recovery for INJ.
Technical analysis shows that INJ’s price action has formed a descending parallel channel on the daily chart. The recent recovery pushed the price above the channel’s upper boundary but was halted at the 50-day SMA, which is acting as immediate resistance. A close above this level would signal a continuation of the uptrend, with potential resistance at the 100-day SMA and psychological level of $9.0. A move towards the April 17 range high of $10 is possible, representing a 36% increase from the current price.
The Moving Average Convergence Divergence (MACD) indicator and Relative Strength Index (RSI) support this positive outlook, indicating favorable market conditions for INJ’s upside potential. However, if sellers continue to take profits, INJ could be pulled back into the descending channel.
Given the volatility of cryptocurrency markets, it is important to stay informed about market developments. While there is uncertainty about whether INJ will reach $10 soon, investing in new cryptocurrency presales like Wall Street Memes (WSM) could offer potential returns before the year ends.
WSM presents an alternative investment option with its presale ending on September 25. The project has gained popularity, raising over $25 million, and is set to claim and list tokens on September 27. Supported by exchanges in the top 20 on CoinMarketCap, WSM offers an opportunity to get in on the ground floor of a promising project.
To participate in the WSM presale, tokens can be purchased with ETH, USDT, BNB, or credit/debit card. Visit Wall Street Memes (WSM) to buy tokens before time runs out.
In conclusion, while INJ shows potential for a price rally, it is important to consider alternative investment options like WSM for potential returns. Stay informed about market developments to make informed decisions in the volatile cryptocurrency market.
Hot Take: Wall Street Memes (WSM) presents an exciting opportunity for investors looking to participate in a promising project. With its presale ending soon and support from top exchanges, WSM could offer significant returns before the year ends. Consider diversifying your investments and staying informed about market developments to make the most of the cryptocurrency market’s potential.
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