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Injective (INJ) price has struggled since dipping from highs of $52 on March 11. But after printing a red candle in March and April – the latter with -35% monthly return – the price of INJ looks primed for a green print for May.
Crypto analyst Ali says Injective is flashing a buy signal. Technical analysts use the said indicator to identify potential price reversals, in this case, it’s one likely to catapult INJ prices higher.
Fireblocks integrates Injective
The positive outlook for Injective price comes as the broader crypto market eyes a fresh bounce. It follows a slight bounce after last week’s decline to key support levels for Bitcoin and Ethereum.
Optimistic vibes are also swelling amid pro-crypto remarks from former US president Donald Trump and from US lawmakers. SEC’s approval of spot ETH ETFs is another factor.
As of Monday, Pepe and Floki were leading the memecoin resurgence as ETH flipped above $3,900.
This overall bullish perspective is likely to push Injective price higher. Also set to boost the layer 1 blockchain’s native token is the major integration with digital asset custodian Fireblocks.
Fireblocks’ recently announced support for Injective could thus enhance institutional access across the L1 blockchain. Currently, Fireblocks offers digital asset storage and transfer to some of the world’s largest banks and hedge funds, including HSBC, BNY Mellon and BNP Paribas.
Injective, backed by the likes of Jump Crypto and Binance, offers a fast blockchain network that top companies can tap into for Web3 finance and DeFi applications
Injective price flashes buy signal
Injective’s current price of $25.26 remains close to the recent lows of $20.01 reached in April. However, crypto analyst Ali is pointing to a potential buy signal for the cryptocurrency.
The bullish prediction is helped by the TD Sequential on Injective’s weekly chart.
According to Ali, this indicator is signaling a potential rally. In previous two instances, INJ soared and this time may offer a similar trajectory.
The last two buy signals from the TD Sequential on the #Injective weekly chart led to impressive bull runs of 700% and 555%. Now, this indicator is flashing another buy signal, suggesting that $INJ could rally again! pic.twitter.com/D5P5I2BbtY
— Ali (@ali_charts) May 27, 2024
The TD Sequential is a key technical analysis tool. Traders use it to identify potential trend exhaustion and therefore a price reversal.
What this means is that traders keen to tap into the current market outlook may take aggressive buy positions and accelerate the INJ price gains.
If a rally materialises following this indicator, INJ price could target the all-time high of $52.62 reached in March this year.
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