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Injective (INJ) was commended for its consistent performance throughout the past year by a cryptocurrency analyst on Twitter this morning. According to the analyst, INJ has shown considerable strength, and although it’s not running “hot” 24/7, its dips are usually shallow and it seems to outperform most altcoins the majority of the time.
$INJ considerably strong this whole year. It's not running hot 24/7 but dips are always shallow and it seems to outperform a lot of the time.
— The Crypto Dog 📈 (@TheCryptoDog) August 18, 2023
At least one CEX coin decent hold. I've got a bag from 2020, holding thru til 2024, 2025. Have taken a few leveraged longs past year, too pic.twitter.com/VrnxWO1pWX
INJ has demonstrated its resilience by emerging as one of the few cryptocurrencies to remain unaffected during the recent market crash. According to data from CoinMarketCap, INJ exhibited a price increase of over 4% within the last 24 hours of trading, reaching a trading value of $7.59.
Consequently, INJ’s price positioned it slightly below its peak of the day at $7.66. The surge in the altcoin’s price was also accompanied by a notable 39.57% uptick in its trading volume throughout the past day. As a result, INJ’s trading volume reached $79,718,267.
From a technical standpoint, INJ was trading just below the major resistance level at $7.750 at press time. Should it succeed in closing a daily candle above this level, then it will have very few obstacles in the way preventing it from reaching $9.085 in the following week.
However, a daily candle close today below the 9-day EMA line at $7.471 will invalidate the bullish thesis. In this scenario, the cryptocurrency’s price will be at risk of falling to $6.80 in the next 48 hours. Continued sell pressure may even drag the altcoin’s price down to the next crucial resistance level at $5.990.
Traders and investors will want to take note of the fact that the 9-day EMA line was attempting to cross above the 20-day EMA line at press time. If these 2 technical indicators cross, then short-term momentum will switch in favor of bulls.
Thereafter, the 9 EMA may also cross above the 50 EMA line. This will signal that medium-term momentum has shifted from negative to positive as well. Subsequently, INJ’s price may climb to the aforementioned resistance level at $9.085.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.