Injective price prediction suggests the declining momentum of INJ crypto from the higher level over the daily time frame chart. INJ cryptocurrency has been trying to surge towards the $10 recovery level but couldn’t sustain near $9.90 resistance level. Now INJ crypto price has been consolidating below the distribution phase over the daily time frame chart. However, INJ crypto has traded making a double bottom pattern over the daily chart.
The Injective price was at $7.97 and lost 2.98% of its market capitalization during the day trading session. However, trading volume increased by 4.99% during the intraday trading session. This demonstrates that buyers are still present in the trade to push INJ crypto prices. Volume to market cap ratio was at 0.0669.
Injective Price Prediction: Technical Analysis
Injective price prediction showcases the decline of INJc crypto price from the higher level over the daily time frame chart. INJ crypto needs to attract buyers in order to reach the recovery level of $9.00 and then $10. However, trading volume has been below average and needs to grow for INJ crypto price to sustain at a higher level.
Meanwhile, INJ crypto is trying to remain above 20, 50, 100, and 200-day Daily Moving Average. Injective price has gained 14.88% in a month and 25.50% in the last three months. Moreover, Injective price has surged around 449% in the last six months and has gained 525.32% year to date. This confirms the facts regarding INJ crypto’s maximum recovery during 2023.
Technical indicators suggest the downtrend momentum of Injective crypto price. Relative strength index showcases the downtrend momentum of INJ crypto. RSI was at 55 and is heading towards the neutral to be oversold.
MACD exhibits the downside trend of INJ crypto price. The MACD line is below the signal line after a negative crossover. Investors in Injective crypto need to wait for any directional change over the daily time frame chart.
Summary
The daily time frame chart of the INJ cryptocurrency shows a dropping trend according to injective price projection from the upper level. On the daily time frame chart, the price of INJ cryptocurrency has been consolidating below the phase of distribution. In order for INJ cryptocurrency to rebound and reach the levels of $9.00 and eventually $10, it must draw buyers. Additionally, the price of injectables has increased by almost 449% over the past six months and by 525.32% overall. Technical indications point to the price of Injective cryptocurrency being in a downturn. Investors in injective cryptocurrency must watch the daily time frame chart for any directional changes.
Technical Levels
Support Levels: $7.75 and $7.00
Resistance Levels: $8.30 and $9.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/10/injective-price-prediction-when-will-inj-price-reach-10/