Despite the crypto industry recording a significant correction in value with a drop of almost 4% within the past 24 hours, the INJ price has displayed a massive jump of over 18% in value, resulting in the price recording a new yearly high.
The prime reason for the ongoing rally is assumed to be the latest update in the blockchain which has attracted a large number of new investors in the market.
The INJ price was trading in a closed range between $12.672 and $13.735 for a while, following which the price regained momentum and broke out of the resistance level. The Injective price then jumped 12% before facing rejection at $15.
After multiple attempts, the price successfully broke out and jumped over 20%, following which it faced rejection at $17.8. The price then traded sideways in a consolidated range between $16.343 and $18.523 for a week. After this, the bulls lost momentum, resulting in a breakdown.
The INJ price then traded in a closed range between $15 and $16.343 for a while. The bulls gained just enough momentum to break out of the range and trade in a consolidated range between $16.343 and $18.523 for two weeks.
Recently, the price broke out of its key resistance level at $18.523, but the rally was short-lived as the bulls faced rejection at $19.843. After trading sideways for days, the price jumped over 15% in value resulting in the price jumping to a new yearly high.
Will INJ Price Go Back Up?
The Moving Average Convergence Divergence (MACD) displays a significant rise in the histogram, indicating an increased buying pressure in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days.
If the bulls push the price above its resistance level of $23.226, the INJ price will regain momentum and prepare to test its upper resistance level of $25.006 this week. Maintaining the price at that level will set the stage for Injective to attempt to test its resistance level of $27 in the coming week.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level at $21.053. Moreover, if the bears continue to dominate the market, the price will plunge further and test its lower support level of $18.523 this month.
