Key Metrics Suggest Recovery Ahead

INJ has crossed the 20 day EMA mark and might reflect a recovery ahead. The token has settled the gains around $20 and rebounded from there. 

Following market bearishness, the INJ has corrected over 30% last month and slipped to the bearish trajectory. Sellers have actively made short positions and are eyeing to break the $20 mark.

At press time, the Injective Protocol traded at $24.30 with an intraday spike of 2.44%, reflecting neutrality on the charts. It has a monthly return ratio of -2.90% and 270.78% yearly.

The pair of INJ/BTC is at 0.000369 BTC, and the market cap is $2.26 Billion. Analysts are neutral and suggest that the INJ may recover the gains and will outperform in the coming sessions.

Unveiling The Potential of Injective (INJ) Crypto

The daily chart shows consistent correction as INJ retested the 2024 low mark of $20. Meanwhile, the correction has come to an end and the token might recover its gains soon.

As the bullish wave was triggered, INJ price has retested the 20 day EMA mark and is eyeing a pullback ahead.

Source:Santiment

For weeks, the INJ token showcased underperformance as sellers persisted in showcasing their dominance. The intraday trading volume surged over 21.09% to $79.87 Million and is signifying low investor interest.

Price Volatility and Weighted Sentiment Remained Average

This week, the price volatility data noted a spike and surged over 13.20% to 0.022 mark, highlighting investor speculation.

Source: Santiment

Amidst the market ups and downs, the weighted sentiment of the token remained flat and stayed close to the midline region, noting around -0.538.

Significant Spike In Total Value Locked (TVL)

Source: Artemis

Since the beginning of this month, the total value locked (TVL) of the INJ has surged and reached $64.8 Million. 

This on-chain data reflects the early indication of recovery in the future sessions and the token might gain pace ahead.

Futures Open Interest Data Outlook

The Futures derivative data of the INJ highlights fresh long buildup activity, reflecting investor interest.

Source: coinglass

The Open interest data surged over 4.27% to $98.84 Million in the last 24 hrs. This signifies the willingness of buyers to retain the 50 day EMA mark ahead. The immediate support levels for INJ is $22.00 and $20, whereas the key upside hurdle is around $27, followed by $30.

Conclusion

The Injective Protocol (INJ) token price chart shows a rebound from the 52 week low mark of $20 and gained momentum. Meanwhile, the token is yet to breach the prompt hurdle of $30, which is the strong resistance zone.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.