thecoinrepublic.com
- 1 Injective price currently trades at $7.239 while observing a gain of 2.87% during the intraday trading session.
- 2 INJ price has crossed above 20 and 200-day exponential moving averages.
- 3 The year-to-date return of Injective crypto price is 469.18%
Injective price has been in a downtrend, forming lower lows, since the bullish rally initiated in June was halted due to rejection near $10. The cryptocurrency price commenced a bullish rally during mid-June, after the formation of support at $5.60.
The bullish rally was initiated for the price to retest the annual high of $9.97 and potentially break and close above $10 but the move was halted at $9.928. The strong rejection near $10 induced bearish momentum and the price fell drastically.
Recently, INJ’s price formed a support at $6.60 and entered a bullish trend. The asset price has been printing bullish candles for the last four days; indicating a strong presence of bulls in the market.
Injective price has rallied more than 8% in the last four days. Currently, the price seems to be headed toward the next key psychological level of $8. The current candle is bullish and has broken the high of the previous candle.
If the bullish momentum prevails and the price can break and close above $7.30, there is a possibility that the price might retest $8.On the other hand, if the asset price rejects $7.30, it might head back to the recent support of $6.60.
Positive Sentiment Over the Cryptocurrency Market
The combined market capitalization of the cryptocurrency market has climbed in the past 24 hours as traders expect no monetary policy action after the latest United States Inflation data. On 15 September, the crypto market valuation reached $1,071,720,830,137 ($1.071 Trillion), rising 1.24% during the intraday session.
The market capitalization of Injective increased by 4.71% to $605,389,793 at the time of writing. The 24-hour trading volume has also surged by 5.84%.
Will INJ Price Retest $8 Level?
The cryptocurrency price has climbed above 20 and 200-day exponential moving averages, suggesting a rise in bullish momentum. Chaikin money flow score has also experienced a surge and is nearing the 0 mark from -0.03, indicating increasing strength and capital inflow in the market.
The relative strength index (RSI) has crossed above 50 mark and currently trades at 55.50, suggesting bullish momentum that supports the price action.
INJ price has reached near the upper band of Bollinger, indicating a chance of short-term pullback but currently, the Injective price has shown no signs of strong bearish involvement.
The long/short ratio is 1.09 with 52.35% longs and 49.65% shorts, indicating high pressure from the buying side in the last 24 hours.
Conclusion
The crypto market has been surging as the interest rates have been lowered and core inflation is on a downward trajectory toward the Fed target of 2% and easing concern over FTX.
Technical Levels
Major support: $6.60 and $5.60
Major resistance: $8.00 and $8.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.