Injective (INJ) is moving in an upward consolidation phase as the general conditions in the crypto market have turned slightly positive. According to CoinMarketCap, the INJ price has surged by 1.72% over the last 24 hours and 1.8% over the last week.
At the time of writing, INJ is trading at $2.96, with a trading volume of $51.14 million, which remains stable over the last 24 hours. However, its market capitalization stands at $296.15 million, which has slightly surged by 1.72%.
Source: CoinMarketCap
Also Read: Injective (INJ) Shows Strong Recovery Signs With $40 Breakout in Sight
Injective (INJ) Eyes Breakout as Key Support Holds
Furthermore, the crypto analyst Jonathan Carter pointed out that Injective (INJ) is approaching a pivotal moment as price action tests the lower boundary of a well-defined descending channel on the higher timeframe.
This zone has historically attracted buyers, and early signs suggest a potential rebound. The asset’s ability to hold this support could determine whether a short-term recovery begins to take shape.
Indicators are starting to move in favor, signaling that bearish sentiment is waning. The price’s ability to stabilize near the support level and its rebound signal possible accumulation.
If momentum grows in favor of the bulls, traders will be keeping an eye on $4, $7, and $10 levels as resistance barriers.
Source: Jonathan Carter’s X Post
More upside potential may push the price up to $16 and finally $25 if there is an acceleration in momentum and a break in structure.
However, the risks are still high, and any move below $2.50 will negate the positive outlook. With the high levels of volatility present, confirmation will be crucial to establish any trend reversal.
Momentum Indicators Point to Improving Strength
According to TradingView, the RSI is presently standing at 52.81, which happens to be neutral, having crossed above its yellow signal line.
This suggests that the momentum of the underlying market is equally balanced, as the asset is far from being overbought and far from being oversold. The positive trend implies a possible resurgence of buying pressure.
Source: TradingView
MACD indicates a possible change in momentum as the blue line tries to make a bull cross-over with the orange signal line.
Both lines are still trading below the zero level, but the decreasing bars of the red histogram indicate that bearish momentum is losing ground. If this cross-over succeeds, it will indicate a reversal of the current trend in favor of bulls.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Injective (INJ) Eyes $3.20 Rebound as Burn Hits 7M Milestone
