Injective (INJ)Price Prediction 2023 — Will INJ Hit $8 Soon?

• Bullish INJ price prediction is $3.627 to $10.537.
• Injective(INJ) price might also reach $8 soon.
• Bearish INJ  price prediction for 2023 is $1.124.

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) holds the 150th position on CoinGecko right now. INJ price prediction 2023 is explained below with a daily time frame.

Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.

Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts.

Currently, Injective (INJ) is in the range of $3.13. If the pattern continues, the price of INJ might reach the resistance levels of $3.627 and $4.393. If the trend reverses, then the price of INJ may fall to $2.995. 

Injective (INJ)Support and Resistance Levels

The chart below shows the support and resistance levels of Injective(INJ).

From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Injective (INJ). 

The charts show that Injective (INJ) has performed a bullish trend over the past month. If this trend continues, INJ might run along with the bulls overtaking its resistance level at $10.537.

Accordingly, if the investors turn against the crypto, the price of Injective (INJ) might plummet to almost $1.124, a bearish signal.

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

The Relative Volume (RVOL) of Injective (INJ) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of INJ lies below the cutoff line, indicating weak  participants in the current trend.

Also, the Moving Average (MA) of Injective (INJ) is shown in the chart above. Notably,  Injective (INJ) price lies below 50 MA (short-term), so it is in a downtrend. Currently, INJ has entered a bearish state. Therefore, there is a possibility of a reversal trend of INJ at any time.

Meanwhile, the relative strength index (RSI) of the INJ is 57.18. This means that Injective (INJ) is in an neither overbought nor oversold state. However, this means a major price reversal of INJ may occur in the upcoming days. So, traders need to trade carefully. 

Injective (INJ)Price Prediction 2023 — ADX, RVI

Let us now look at the Average Directional Index (ADX) of Injective (INJ). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

The above chart represents the ADX of Injective(INJ). Currently, the ADX of INJ lies in the range of 63.6 and thus, it indicates a very strong trend. 

The above chart also represents the Relative Volatility Index (RVI) of Injective (INJ). RVI measures the constant deviation of price changes over a period of time. The RVI of INJ lies below 50, indicating low volatility. In fact, the RSI of Injective (INJ) is at 57.18 thus confirming a potential buy signal.

Comparison of INJ with BTC, ETH

The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and  Injective(INJ).

From the above chart, we can interpret that the price action of INJ is similar to BTC and ETH. This indicates that when the price of  BTC and ETH   increases, the price of INJ decreases.When the price of BTC and ETH  decreases,the price of INJ decreases.

Injective (INJ) Price Prediction 2024-2030

Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of Injective (INJ) between 2024 and 2030.

Injective (INJ) Price Prediction 2024

If the declining price action completely slows down in momentum and the trend reverses,  Injective (INJ) might probably attain $16 by 2024.

Injective (INJ) Price Prediction 2025

With several upgrades in the network, Injective (INJ) might enter a bullish trajectory. If the coin grabs the attention of major investors, INJ might rally to hit $18 by 2025. 

Injective (INJ) Price Prediction 2026

If Injective (INJ) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 7 years, INJ would rally to hit $20.

Injective (INJ) Price Prediction 2027

If Injective (INJ) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, INJ would rally to hit $25.

Injective (INJ) Price Prediction 2028

If Injective (INJ) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, INJ would rally to hit $28. 

Injective (INJ) Price Prediction 2029

Injective (INJ) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, INJ would hit $30 in 2029.

Injective (INJ) Price Prediction 2030

If investors flock in and continue to place their bets on Injective(INJ), it would witness major spikes. INJ might hit $32 by 2030.

Conclusion

With continuous improvements in the Injective Network, we can say that 2023 is a good year for INJ. For this reason, the bullish price prediction of Injective (INJ) in 2023 is $10.537. On the other hand, the bearish price prediction of Injective (INJ) price prediction for 2023 is $1.124.

Furthermore, with the advancements and upgrades to the Basic Attention Token ecosystem, the performance of INJ would help to reach above its current all-time high (ATH) of $24.89  very soon. But, it might also reach $8 if the investors believe that INJ is a good investment in 2023.

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. 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

2. Where can you purchase Injective(INJ)?

Injective (INJ) has been listed on many crypto exchanges which include Binance, Coinbase Exchange, Gate.io, KuCoin and Kraken.

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

With the ongoing developments and upgrades within the Basic Attention Token Platform, INJ  has a high possibility of reaching its ATH soon.

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

On April 30,2021, Injective(INJ) reached its new all-time high (ATH) of $24.89.

5. Is Injective (INJ) a good investment in 2023?

Injective (INJ) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Basic Attention Token In the past few months, INJ  is considered a good investment in 2023.

6. Can Injective (INJ) reach $8?

Injective (INJ) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Injective (INJ) will hit $8 soon.

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

 Injective (INJ) price is expected to reach $16 by 2024.

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

 Injective (INJ) price is expected to reach $18 by 2025.

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

 Injective (INJ) price is expected to reach $20 by 2026.

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

Injective (INJ) price is expected to reach $25 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.