The crypto industry has gained massive momentum lately, resulting in the market gaining significant value in its price. The Injective price has secured a spot in the top gainers list for the third straight day, but why?
The prime reason for the INJ price to gain is the increasing activity of the community investors and traders for the coin in the market. The coin has also recorded a high Total Value Locked (TVL) of $20.89 Million, contributing to its price pump.
The ENJ coin has been traded in an ascending channel for over a week, indicating a bullish influence in the market. The price was seen trading in a consolidated range close to its resistance zone at $7.401, after which the coin gained momentum, made a run, and broke out of its resistance level at $7.667.
Moreover, the coin continued to gain value and test its key resistance zone at $8.093, where the coin traded sideways for a short period. The INJ price made its first attempt to break out in its early trading hours today and was rejected.
After two failed attempts, the price finally broke out of its resistance zone, indicating a bullpower in the market. Further, the price hovered close to its resistance trendline for some hours and has recently managed to break out.
This resulted in the coin gaining massive price action and further breaking out of its resistance level at $8.261 within minutes. The price is presently testing its resistance level of $8.441, of which the outcome is unpredictable.
The MACD displays a rising green histogram in its chart, indicating a massive price action for the coin. Further, the chart shows its averages taking a sharp rise, suggesting the price will continue gaining value this week before experiencing a possible correction in the coming days.
Will INJ Price Continue Rising?
If the bulls push the price above the $8.441 mark, it will gain massive price action, make a run, and test its upper resistance of $8.626. Further, if the market does not undergo a correction, the price will continue rising and test its resistance level of $8.800, followed by its $9 mark this month.
On the flip side, if the bears overpowered the bulls and a trend reversal occurs, the price is bound to lose momentum and experience a plunge toward its support resistance of $8.00.
Moreover, if the market fails to hold the price, it will continue to dip and test its support level of $7.667 in the coming days.
