Injective (INJ)Price Prediction 2023 — Will INJ Hit $30 Soon?

• Bullish INJ price prediction for 2023 is $10.262 to $24.462.
• Injective (INJ) price might reach $30 soon.
• Bearish INJ price prediction for 2023 is $2.420.

In Injective (INJ) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about INJ to analyze the future movement of the cryptocurrency. 

Injective (INJ) Current Market Status

What is Injective(INJ)?

Injective Protocol (INJ) is a decentralized exchange (DEX) that provides cross-chain margin trading, derivatives, and currency futures trading. The Injective Protocol is a Layer 2 application developed on the Cosmos blockchain. The protocol uses cross-chain bridges to allow traders to access cryptocurrencies from platforms such as Ethereum and Polkadot.

Injective Protocol, unlike other prominent decentralized exchanges like Uniswap or Bancor, does not use an automated market maker (AMM) algorithm to maintain liquidity. Instead, Injective utilizes the order book concept, which has been extensively adopted by centralized stock and cryptocurrency exchanges for many years. In this way, Injective hopes to combine the efficiency of traditional banking with the transparency of decentralized exchanges.

Injective Exchange traders only pay regular market maker and taker fees using INJ coins, rather than network gas fees for each transaction. INJ coins also act as the platform’s governance token and staking mechanism, enabling Injective’s Proof of Stake-based blockchain to function.

Injective (INJ) Price Prediction 2023

Injective (INJ) ranks 87th on CoinMarketCap in terms of its market capitalization. The overview of the Injective price prediction for 2023 is explained below with a daily time frame.

INJ/USDT Inverted Head & Shoulder Pattern (Source: TradingView)

In the above chart, Injective (INJ) laid out a inverted head and shoulders pattern, also known as the falling channel.The inverted head and shoulders pattern used as an indicator. This pattern is related to the reversal of the downward trend in prices. This is one of the most common signs of reversal. When the price drops, it will hit a bottom (trough), and then start to recover and rise. Market resistance pushed it back to another trough.

The price fell to the point where the market could not maintain a lower price, and the price began to rise again. Again, market resistance pushed prices down, and prices fell for the last time. If the market cannot support the lower price, the previous low will not be made. This will trigger a higher low before the price rises again. This movement produces three valleys or troughs called the left shoulder, the head, and the right shoulder.

At the time of analysis, the price of Injective (INJ) was recorded at $6.37. If the pattern trend continues, then the price of INJ might reach the resistance levels of $5.766 and $10.361. If the trend reverses, then the price of INJ may fall to the support of $3.570.

Injective (INJ) Resistance and Support Levels

The chart given below elucidates the possible resistance and support levels of Injective (INJ) in 2023.

INJ/USDT Resistance and Support Levels (Source: TradingView)

From the above chart, we can analyze and identify the following as the resistance and support levels of Injective (INJ) for 2023.

As per the above analysis, if Injective’s (INJ) bulls take the lead, then it might hit and break through its resistance level of $24.462.

Conversely, if Injective’s (INJ) bears dominate the trend, the price of INJ might plunge to  $2.420.

Injective (INJ) Price Prediction 2023 — RVOL, MA, and RSI

The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Injective (INJ) are shown in the chart below.

INJ/USDT RVOL, MA, RSI (Source: TradingView)

The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes.  It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment. 

At the time of analysis, the RVOL of Injective (INJ) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.

The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days.  When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).

Notably, in the above chart, the INJ price lies above 50 MA (short-term), indicating its uptrend. Hence, INJ is in a bullish state. Although this is the current state, a trend reversal might occur.

Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state. 

Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.

At the time of analysis, the RSI of INJ is at 63.28. Therefore, this indicates INJ is nearly in an overbought state.  Also, this confirms that INJ sends out a buy signal.

Injective (INJ) Price Prediction 2023 — ADX, RVI

In the below chart, we analyze the strength and volatility of Injective (INJ) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).

INJ/USDT ADX, RVI (Source: TradingView)

To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.

According to the data on the above chart, the ADX of INJ lies in the range of 43.654 pointing out a strong trend. 

The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of INJ lies above 50, indicating high volatility. 

Comparison of INJ with BTC, ETH

Let us now compare the price movements of Injective (INJ) with that of Bitcoin (BTC), and Ethereum (ETH).

BTC Vs ETH Vs INJ Price Comparison (Source: TradingView)

From the above chart, we can interpret that the price action of INJ is similar to that of BTC and ETH. That is, when the price of  BTC and ETH increases or decreases, the price of INJ also increases or decreases respectively.

Injective (INJ) Price Prediction 2024-2030

With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Injective (INJ) between 2024 and 2030.

Injective (INJ) Price Prediction 2024

If bulls dominate the price momentum and trend patterns, then Injective (INJ) might successfully test and surpass its resistance levels to hit $40 by 2024.

Injective (INJ) Price Prediction 2025

The significant upgrades in the Injective ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Injective (INJ) price to reach $45 by 2025.

Injective (INJ) Price Prediction 2026

If Injective (INJ) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $49. 

Injective (INJ) Price Prediction 2027

If Injective (INJ) sustains major resistance levels and stands as a better investment option in the market, then INJ would rally to hit $55. 

Injective (INJ) Price Prediction 2028

If Injective (INJ) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then INJ would hit $59 by 2028.

Injective (INJ) Price Prediction 2029

If investors flock in and continue to place their bets on Injective (INJ), then the crypto would witness major spikes. Hence, INJ might hit $63 by 2029.

Injective (INJ) Price Prediction 2030

By 2030, the INJ price might rally to $65  if the trend momentum aligns in favor of Injective. Furthermore, INJ would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.

Conclusion

If Injective (INJ) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Injective (INJ) price prediction for 2023 is  $24.462. Comparatively, the bearish Injective (INJ) price prediction for 2023 is $2.420.  

If there is a positive elevation in the market momentum and investors’ sentiment, then Injective (INJ) might hit $30. Furthermore, with future upgrades and advancements in the Injective ecosystem, INJ might surpass its current all-time high (ATH) of $25.01 and mark its new ATH. 

FAQ

1. What is Injective (INJ)?

Injective Protocol (INJ) is a decentralized exchange (DEX) that provides cross-chain margin trading, derivatives, and currency futures trading.

2. Where can you buy Injective (INJ)?

Traders can trade Injective (INJ) on the following cryptocurrency exchanges such as Binance, Deepcoin, Bybit, Bitrue, and CoinW.

3. Will Injective (INJ) record a new ATH soon?

With the ongoing developments and upgrades within the Injective platform, Injective (INJ) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Injective (INJ)?

Injective (INJ) hit its current all-time high (ATH) of $25.01 on Apr 30, 2021.

5. What is the lowest price of Injective (INJ)?

According to CoinMarketCap, INJ hit its all-time low (ATL) of $0.6557 on Nov 03, 2020.

6. Will Injective (INJ) hit $30?

If Injective (INJ) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $30 soon.

7. What will be the Injective (INJ) price by 2024?

Injective (INJ) price might reach $40 by 2024.

8. What will be the Injective (INJ) price by 2025?

Injective (INJ) price might reach $45 by 2025.

9. What will be the Injective (INJ) price by 2026?

Injective (INJ) price might reach $49 by 2026.

10. What will be the Injective (INJ) price by 2027?

Injective (INJ) price might reach $55 by 2027.

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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.