Injective Displaying Strength: Is the Retracement Over? Will INJ Price Hit $50 This Month?
The post Injective Displaying Strength: Is the Retracement Over? Will INJ Price Hit $50 This Month? appeared first on Coinpedia Fintech News
Injective has been one of the top performers in the past few days, recording massive gains with a robust increase of nearly 40% since the start of the month. The platform recorded new milestones of nearly 700 million on-chain transactions and 1 billion transactions in 2024. Upon this, the INJ Burn auction marked new highs of over 6 million tokens in just a few hours, which is expected to be one of the bullish indicators for the token. Therefore, the INJ price is expected to have a huge impact and keep up the bullish trend.
After reaching an all-time high (ATH) of $53.01, the INJ price experienced a significant sell-off, filling the Fair Gap Value (FVG) on the daily timeframe and touching a low of $18.70 before quickly bouncing back. Currently, the price is trading within a range of $21.34 to $29, facing multiple rejections around $29. Despite the rejections, INJ is displaying strength and is forming consecutive higher highs and lows.
Therefore, if the Injective price manages to break out of the range, then it may potentially surge towards the next resistance close to $35.
The INJ price broke above the falling wedge and triggered a 40% rise, but before surpassing one of the key resistances, the token initiated a retracement. However, the price remains within the bullish range as the levels hold above the 50-day MA but below the 200-day MA. Besides, the Ichimoku cloud continues to remain bullish, regardless of the mounting bearish pressures. However, the volume has risen to a large extent, suggesting a huge rise in trading activity, which may increase the volatility of the token.
In the coming days, a golden cross may form as the 50-day MA, which is currently providing strong support, rises higher and reaches the 200-day moving average. Therefore, a rise beyond the 200-MA at $32.05 may trigger a fresh upswing, which may be validated after securing the levels above $35.9. Once the bulls manage to sustain above these levels and enter the crucial resistance between $42.51 and $43.84, a rise beyond $50 could be imminent. Until then, the Injective (INJ) price may maintain an ascending consolidation.