newsbtc.com
The Injective (INJ) price has experienced an uptrend, resulting in price increases since yesterday, May 28. This trend indicates a positive sentiment among investors, with more buyers entering the market and increasing prices.
Meanwhile, the uncertainty around the price of the general crypto market has caused speculations about whether this momentum will continue.
Assessing The Potential For Sustained Momentum
The bullish sentiment in the INJ market has affected its price positively, resulting in an increase of 8.78% in the last 24 hours. Also, the buyers have maintained this momentum, resulting in a surge of 8.56% in the 7-day trading period.
Related Reading: Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?
The asset’s current price sits at $7.41 as of the time of writing based on CoinMarketCap data. The assets’ 24-hour trading volume and total market cap show positive market participation with an increase of 200.36% and 9%, respectively.
INJ has maintained the uptrend movement by forming higher highs and lows. This formation indicates that INJ’s price is under bullish control, and the demand is growing rapidly.
Also, the asset trades above the trendline, which may be considered a trendline support for investors and traders. This positive sentiment may attract more investors and increase prices.
Recent Bullish Fundamentals
Recently, there have been many partnerships and initiatives around the Injective ecosystem. This has resulted in bullish sentiment and price gains for INJ.
On May 24, Injective announced the launch of the first IBN-enabled SVM Rollup with their partnership, Eclipse, on their page. This initiative will enable Solana developers seamlessly interact and build with Injective and the broader Cosmos universe.
The INJ team made this announcement on May 13, 2023, stating that anyone interacting with dApps built on INJ or L1 Chain may receive an NFT. The surprise NFT announcement boosted the bullish momentum in the market.
Bollinger Bands & MACD Signals Bullish Momentum
The asset is currently trading above the upper band of the Bollinger Bands Indicator. This suggests a bullish movement and a potential buy signal for investors and traders.
It is important to note that an asset above the upper band implies that the price has moved to an extreme or overbought level.
In addition, the Moving Average Convergence/Divergence (MACD) is currently above the signal line suggesting a bullish sentiment. This indicates that the buying pressure outweighs the selling pressure.
The INJ price trades above the 50-day and 200-day Simple Moving Averages (SMA), indicating bullish sentiment. The price above both SMAs implies that the asset is under bullish pressure and a potential long-term bullish trend.
Also, a Demand Index reading of 0.170 suggests positive buying pressure in the market. This indicates that the buying pressure is relatively stronger than the selling pressure.
Featured image from Pixabay and chart from Tradingview