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INJ price caught investor interest and surged over 7% intraday following a recent launch of the tokenized index for BlackRock’s BUIDL.
The BUIDL fund stands for BlackRock USD Institutional Digital Liquidity Fund. It offers an opportunity for institutional investors to invest in the U.S. Treasury and similarly in other forms of assets.
Adding to the news developments, the price divergence indicator for Injective (INJ) triggered a buy signal, showing a that significant accumulation has begun. This week, the signal is backed by improved market sentiment, which usually favors the INJ price rise.
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Price DAA Divergence | Source: Santiment
Crypto Analyst @GVRCALLS gave a bullish commentary on Injective. He said that the INJ price could rise over 30–50% in the next two weeks. He gave a bullish outlook on it and anticipated a near-term reversal ahead.
$INJ Bullish Break ✅
— Crypto GVR (@GVRCALLS) September 5, 2024
Expecting 30-50% raise in next 2 weeks pic.twitter.com/LZACnEV83g
Tweet By @GVRCALLS | Source:X
The technical chart setup indicates a possible reversal in the coming sessions. A double bottom pattern was exhibited near the demand zone of $15.
The INJ price followed the strong volume surge of over 35% in the intraday session. It is set to flip the resistance mark of $20 soon.
Its technicals prefer a reversal, and the correction has ended. In the near term, INJ crypto is a strong contender to watch out.
INJ Crypto Poised For Reversal: Can Bulls Dominate Ahead?
The daily chart indicates that INJ price has strong support around $15. Also, a double-bottom formation exhibits the possibility of a bullish reversal ahead.
The INJ price traded at $17.03, up over 7.16% at press time. Based on the market cap of $1.67 Billion, the INJ token ranks 45th.
The price action says that INJ crypto has been indulging in making a base around the $15 mark and is looking for a reversal. Yesterday’s session noted a bullish, engulfing candlestick, which signifies the bullish reversal cues.
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INJ Price Volume Chart | Source: Santiment
The Relative Strength Index (RSI) has shown an uptick in the oversold zone, indicating a rise in the buying momentum. Moreover, the CMF indicator reading prefers a possible upward movement in the short term.
However, the downtrend is still intact, and the sellers have not exited their short positions till now. It is a matter of concern for the bulls.
Development Activity Data Witnessed Steady Growth
The development activity data witnessed a steady upswing amid the INJ price fluctuations. This showcased the constant growth in the ecosystem.
Going forward, the Futures market data gave a strong bullish conviction. The Open Interest rolled up 13.20% to $79.83 Million, implying long additions in the past 24 hours.
However, the INJ price trades below the key moving averages. The buyers must cross the $20 mark to flip the resistance into the support zone. Doing so would provide the necessary boost to initiate a sustainable recovery.
A break and close above the $18.30 mark could send the INJ price toward the $20. The $22 mark followed it in the coming sessions. Conversely, failing to hold gains around the $16 mark would result in a significant selloff. Also, the token could reach the $15 mark.