- Injective price (COINBASE: INJ) slid 4.2% on the last day and it is currently trading at $8.97.
- Injective (COINBASE: INJ) derivatives data states that a total of $158K OI has been created on the long side against $13.2K OI on the short side in the past 24 hours.
Injective is a finance blockchain. It is open, interoperable, and supports next-gen DeFi apps, like decentralized exchanges, prediction markets, lending protocols, and more. It has core financial features that apps can use, such as a decentralized MEV-proof on-chain order book. It also has all kinds of financial markets such as spot, perpetual, futures and options fully on-chain. The cross-chain bridge works with Ethereum, IBC-enabled blockchains, and non-EVM chains like Solana.
The Injective price is currently trading at $8.97 with a decline of 4.2% in the past 24 hours. According to CoinMarketCap data, INJ cryptocurrency holds a total market cap of $717.8 Million and ranks 59th position in the crypto market. It received $44.02 Million in volume in the past 24 hours which is 13.05% less than the previous day.
Also, it has over 80.05 Million circulating supply which is 80% of the total supply. The volume to market cap ratio of INJ coin is 6.12% which indicates mild volatility in the market.
Injective Price Prediction Using Price Action Strategy
As per the price prediction of Injective cryptocurrency, In the weekly timeframe, it was observed that 2023 is becoming a golden year for Injective coin as the buyers as the price took support from the demand zone and made a shift in its overall trend in January 2023. Since then, the price surged nearly 350% and it is still continuing on the same lines.
Source: INJ/USD By TradingView
Moving on to the daily chart, the INJ coin took a rebound from the resistance-turned-support area while taking a pullback. The price consolidated above the demand zone of $7.63 and started rising to form a new swing high. It made a breakout to the previous resistance but failed to close above it.
If the INJ coin sustained near the resistance and started gaining momentum, then buyers may show interest in pushing the price higher. The price may surge up to $9.95 and 11.30.
Indicator Analysis
As per the EMA analysis, INJ’s price is trading above all the EMAs which shows a positive trend in the market. Currently, It has taken support from 20 EMA which shows the presence of buyers at the lower levels and the continuation of the trend.
At the time of publishing, the RSI value of the Injective is 62.44 and that of the SMA line is 61.04. RSI is headed upwards and taking support from SMA which shows bullishness in the market.
MACD lines are showing a bullish crossover. Also, histogram bars are being formed above the mean line which indicates positive sentiment in the market.
Conclusion
Injective’s (INJ) coin price prediction concludes that the price took a rebound from the resistance turned support at $7.630. However, the INJ coin price consolidated near the demand zone and made a breakout to form a new high. Thereafter, the price is trying to sustain below the resistance. If the price breaks above the resistance, it may surge up to $11.305.
Technical Levels
- The support levels of INJ at $7.63 and $5.43.
- The resistance levels of INJ at $9.95 and $11.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
