INJ Price Rejects $7.50 Level

INJ price, one of the top gainers in the crypto industry, started its bullish rally during the start of 2023, rising from the low of $1.253. Injective price created a high at $9.97 causing a rise of roughly 712%. Since then, INJ price has been forming lower lows. Even though, all the altcoins have suffered severely amid SEC crackdowns and lawsuits, Injective has been a relatively more stable.

Recently, the cryptocurrency price entered into a consolidation zone ranging between $8 and $5.60. As price reached the $5.60 level, it started to gain bullish momentum and is currently headed toward $8. The price has jumped above $7 but it is currently receiving rejection from $7.50 level.

The current candle has wrecked the low of the previous candle which indicates the possibility of a pullback in the price toward $6 level. Bulls need to enter the market to push price above $7.50 level so that it can continue its bullish journey toward $8. If bulls can shatter the resistance level of $8, there is high probability for the price to head toward $9 and further more toward the annual high of $9.97.

Recent Expansion In Injective Ecosystem

The number of unique wallets have also increased on Injective from 14000 to 28000 since the start of 2023. The doubling in roughly 6 months is a good sign for the price. On average, 100 new wallets are created daily. There has been a noticeable increase in the total number of transactions and active users on the platforms since April.

Recently, Injective collaborated with Polygon and launched Avalon mainnet. Injective has also launched early access to Mitofinance which is a Web3 protocol that revolutinizes automated trading and yield generation.

Will INJ Price Retest Annual High of $9.97?

Injective price trades above 20,50,100 and 200-day EMAs indicating bullish momentum in the price. The Chaikin money flow score is -0.07 indicating slight weakness and the presence of sellers in the market. RSI has positively crossed the 50 mark and currently trades at 54.28 implying a bullish pressure over the price.

The price has crossed above the 20-day SMA of bollinger. The long/short ratio is 0.95 with 48.97% longs and 51.03% shorts suggesting a increased participation of buyers in the last 24 hours.

Conclusion

The overall market structure and price action of Injective is bullish but in the past couple of days, Injective price has been receiving rejection for the $7.50 level. The technical parameters are still bullish but indicate the presence of sellers in the market. The bulls need to push the price above $7.50 for the price to continue moving further higher.

Technical levels

Major support: $5.60 and $5

Major resistance: $8 and $9

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.