Injective price prediction suggests the uptrend will continue and the INJ crypto may hit new highs in the coming months. The price is forming a bullish continuation pattern on a daily time frame chart, which shows the strength of bulls.
The Injective coin price took support near $15.00 and showed a decent bounce. It broke out of the $20 hurdle with a high buying volume. It triggered the positive sentiment and added fuel to the rally.
The recent upward move is supported by buying volume and it increases the reliability of the breakout. Moreover, it shows that big players are accumulating the INJ crypto and participating in the rally.
In November, the Injective price spent time in the range between $14.00 to $19.00 and formed a short-term base. So, if the price witnesses minor profit booking and retraces downward, buyers may be active near the base and might give a bounce.
The 50-day and 200-day EMAs are sloping upward and the price is sustaining above the EMAs, which confirms the uptrend.
At the time of writing, the Injective token price is trading at $21.961 with an intraday uptick of 3.21%. In the last 24 hours, the trading volume surged by 169% and volume to market cap stands at 14.88%.
Will the Injective Price Break the $25 Hurdle and Hit a New High?
Injective price prediction says the rally has just begun and more scope for upside is open. The bulls look more aggressive as compared to the bears, so positive momentum may continue in the coming months.
The INJ crypto price is racing toward the supply zone of $25.00, which might act as a barrier for the bulls. If the buyers succeed in taking control over the $25.00 supply zone, it will trigger another phase of the rally.
The analysis suggests that as long as the INJ price holds the $18 level, the bulls will continue their dominance, and the probability of a breakout remains high.
INJ Price Bullish on Multiple Timeframes
The INJ price has turned bullish on a daily, weekly, and monthly time frame chart. It boosted the confidence of the existing investors and also attracted the attention of new participants.
The chart pattern is highly bullish and no signs of weakness are visible. The MACD curve of INJ crypto sustains above the zero line and pointing north indicates bullish momentum may continue. Whereas, the RSI at 68 near the overbought territory tells us that the price may witness minor profit booking.
Conclusion
The Injective token price prediction is highly bullish for 2024 and suggests new highs may be visible. Presently, the INJ price is racing toward the supply zone of $25.00. So, if it gets broken, more upside will be open.
The analysis suggests that till the INJ price holds $18.00, the bulls will remain active and the possibility of a breakout remains high.
Technical levels
- Resistance levels: $25.392 and $28.00
- Support levels: $18.196 and $14.093
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.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/12/11/injective-price-rose-21-in-december-and-hit-ytd-high-what-next/