INJ Price Prediction: Will Uptick In Buying Pressure Fuel the Reversal?

Bulls battled strongly to compel a recovery for INJ price since the beginning of this month. The past few hours saw both the price jump and OI increase

Injective (INJ) price has exhibited roller coaster movements in the last two weeks. It retested the $15 lower orbital support zone and initiated a bounce.

It increased by over 15% in the last two sessions, showing that the buying momentum continues. Defying the selling pressure, INJ crypto will push the $20 barrier and looks to spread gains.

This week, Injective crypto has stabilized and crossed the 20-day EMA, which indicates bullish strength. Trading inside a downward channel, the price of the INJ token approached the trend line barrier and attempted a breakout.

At the time of writing, Injective price was trading at $18.01, an increase of 2.64% on a daily basis. It had a market value of $1.77 billion.

INJ Price Forecast: Will the Rise in Buying Pressure Trigger a Reversal?

The bulls have struggled strongly for the INJ price recovery since the beginning of this month. The last few hours have seen both the rise in price and the increase in OI, symbolizing the bullish outlook of the market.

Technical indicators play a critical role in understanding the potential of the altcoin. The Relative Strength Index (RSI) curve was at 50, which is close to the midline region.

The ongoing price action suggests that the bulls are gaining momentum and aiming to extend gains. However, the $23 limit was the point that INJ bulls had to cross to turn the market structure bullish on the daily chart.

CryptoBoss stated that INJ price has formed a type of double bottom formation and is ready to beam gains.

Is $INJ teleportation season coming soon? pic.twitter.com/m14yv0xOw5

The Moving Averages Convergence Divergence (MACD) indicator has made a bullish crossover and a potential uptrend could be seen in the coming sessions.

Since mid-June, Injective crypto has been paring back gains and has corrected down more than 50% from the $32 level.

In case of a successful break above the $15 trend line barrier, INJ crypto price may rise towards the $25 level. Price action along with increased volume showed buyers' accumulation and signaled for a short-term bounce in the coming sessions.

Increase in Investor Confidence

After the price increase, active address data recorded an increase. This demonstrated increased investor confidence and liquidity.

Additionally, the pace line exhibited fluctuations, indicating high trading activity among investors.

The Global In/Out of the Money (GIOM) indicator revealed that 30% of holders are making money at the current price level. More than 68% of out-of-the-money owners were facing unrealized losses at time of writing.

Futures Open Interest data showed an increase in long insertions, leading investors to expect a price increase.

Overall, the metrics suggest there could be a profitable short-term buying opportunity for INJ investors to capture an upside rally.

The $15 area was a quick support level that could act as a magnet. However, the $20 and $22 levels were the closest resistance zones to consider for further uptrends.

The above is the detailed content of INJ Price Prediction: Will Uptick In Buying Pressure Fuel the Reversal?. For more information, please follow other related articles on the PHP Chinese website!