The Injective crypto has constantly been the talk of the town owing to its scheduled listing on Bitfinex. The Injective project is one of the most successful projects of the Cosmos Network and remains on the radar of investors and traders alike.
The news around its listing on Bitfinex has pushed the INJ token’s price to significant levels. Successively, it has surged ~18% during the past 30 days. So, will the new listing push the INJ price to $35? Let’s understand the market sentiment of this altcoin.
INJ Price Retests Its Important Resistance Level!
With a jump of ~4% in the past day with a trading volume of $240.61 million, it has continued hovering close to its important resistance level of $21.35. Moreover, it has added 11.82% to its portfolio over the past week and 17.15% during the past 30 days.
Notably, this altcoin has been trading in a consolidated range between $15 and $21.35 since August. Moreover, it has faced multiple rejections at its resistance trendline, suggesting a strong bearish point for the altcoin at that level.
Injective Technical Sentiments
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram. With a potential bullish convergence, the INJ price posts a bullish outlook for the upcoming time.
The SMA indicator has constantly supported the Injective price chart in the 1D time frame. This suggests increased buying pressure for the altcoin in the crypto market.
Will INJ Price Reclaim $50 This Year?
Maintaining the price above its support level of $21.35 could set the stage for the Injective token to test its resistance level of $28.25. Further, if the bullish sentiment intensifies, this could result in it heading toward its upper high of $34.50 this month.
For INJ crypto to reclaim the $50 mark, it requires a jump of 131.05% considering its current trading price of $21.64.
On the flip side, if a bearish reversal occurs, the Injective (INJ) price could potentially plunge toward its crucial support trendline of $15 during the upcoming weeks.
Also, read Injective (INJ) Price Prediction 2024 – 2030!
