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In the context of a bearish atmosphere dominating the cryptocurrency market over the last 24 hours, the Injective (INJ) token has successfully reversed the trend in its favor. Leading cryptocurrencies such as Bitcoin, XRP, and Polygon have reached monthly lows, yet INJ’s upward momentum has countered this pattern.
“INJ Token Surpasses Bearish Market Sentiment”
Following a monthly low of $6.75, support for the INJ token emerged, quickly dissipating the bearish pressure. As a result, the INJ price soared to a 24-hour peak of $7.96 before encountering resistance. At present, bullish sentiment remains strong in the INJ market, with the price increasing by 7.08% from the previous day’s low to $7.81.
Breaking past the $7.96 resistance level could initiate further upward movement, potentially testing the next resistance at $8.50. However, if the bulls are unable to breach this level, a consolidation phase or minor correction may be imminent.
Rising Market Capitalization and Trading Volume Indicate Strong Demand for INJ
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Notably, INJ’s market capitalization and 24-hour trading volume have increased by 6.79% and 88.20%, respectively, reaching $650,481,444 and $101,814,365. This significant increase reflects heightened interest and activity from investors in the token. The considerable rise in trading volume indicates strong demand for INJ, which could lead to further price appreciation.
The Keltner Channel is expanding on the INJUSD 2-hour price chart, with the upper, middle, and lower bands touching at 7.9431947, 7.4653180, and 6.9858837, respectively. This expansion suggests a period of increased volatility and potential price movement. However, the appearance of red candlesticks after reaching the upper band indicates a possible short-term pullback or correction in the price of INJ.
Furthermore, the Relative Strength Index (RSI) rating of 59.08, which is trending downward, adds to the indication of a potential short-term pullback. A declining RSI implies that buying pressure may be diminishing, supporting the possibility of a correction in the INJ token’s price. If the RSI continues to decline and drops below the 50 level, it could further confirm the likelihood of a short-term pullback.
Additionally, the Money Flow Index (MFI) rating of 77.86, which is showing signs of decrease, provides further evidence of a potential pullback in the INJ price. The MFI assesses the inflow and outflow of capital into an asset, and a declining MFI suggests that investors may be beginning to liquidate their positions. If the MFI continues to decline and falls below the 70 level, it could reinforce the possibility of a correction in the token’s price.
While the INJ token has demonstrated bullish momentum amid a negative sentiment in the crypto market, technical indicators suggest a potential short-term pullback. Therefore, investors should proceed with caution and remain alert for further market developments.
The post Injective (INJ) Token Defies Bearish Crypto Market Trend with Remarkable Gains: Analysis appeared first on BitcoinWorld.
