Injective Price Dips Below 50-Day EMA: Can INJ Bounce Back?

Injective crypto prices lost ground near the 50-Day EMA and dipped lower. The Injective price is on a 4-day losing streak after the breakdown below the 50-Day EMA. The short-term trend has turned bearish after the breakdown.  

Moreover, the INJ crypto rebounded from the 50-Day EMA and surged in the earlier sessions of last week. However, it suffered rejection from the upper levels and closed lower, breaking below the 50-Day EMA.

However, the bulls attempted a recovery in the morning session on Monday. However, the buying volume was not enough to contour the selling pressure near the 50-Day  EMA and the price dropped the same day after a short struggle. 

The bears have regained control and the price has started digging lower again. At the time of writing, Injective crypto was at $31.20 with an intraday loss of 2.30%. Also, it has a market capitalization of nearly $2.767 Billion after the intraday loss. The volume to market cap ratio is 4%, suggesting low volatility in the crypto.

Injective Price Trend Analysis

Moreover, looking closely at the daily chart, it is observed that the price has been declining forming a parallel channel pattern. The crypto has been rolling down, respecting the upper and lower boundaries of the channel. 

Currently, the crypto is headed towards the lower boundary of the channel. The crypto has some more room for a fall until the round level of $30. The sellers are in control of the trend and the price may drop lower.

Moreover, the long term outlook is still positive until the crypto is maintained above the 200-Day EMA. it might attract more buyers at the lower levels and turn the trend bullish.

The technical indicators are signaling a bearish sentiment in the short term with a mixed outlook. At press time, RSI was at 39.79 points while the 14-Day SMA line was at 45.75 points. RSI has made a bearish crossover of the SMA line and is headed downwards suggesting a bearish outlook.

Also, the MACD line and signal line have made a bearish crossover and are diverging, indicating bears gaining momentum.

Injective Price Prediction February 2024

The bearish outlook of the analysts shows that the price has more room to decline and drop to a round level of $30 by the end of the month. The positive view of the analysts is that the price will break out of the parallel channel pattern. 

Injective Price Prediction 2024

The price forecast for the year 2024 highlights that the INJ token price could reach a high of $54.23, suggesting a potential gain of over 71.44%. Moreover, the bearish outlook of the analysts hopes the price could reach $42.68 by the year-end. 

Injective Price Prediction 2025

By the year 2025, the Injective price may attain $72.24 as the highest price. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $52.9. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.