Injective (INJ) price rises by 4% amidst a bleeding market

• Cryptocurrency expert praises Injective (INJ) for its consistent performance and resilience.
• INJ’s trading volume increased by 39.57%, reaching $79,718,267.
• Technical indicators suggest a potential shift in INJ’s momentum towards bullish.

A cryptocurrency expert on Twitter lauded Injective earlier today for its steady performance over the previous year. The expert noted that INJ has demonstrated significant resilience, and while it may not be in a constant state of high activity, its downturns tend to be minimal. Furthermore, it outperforms the majority of alternative cryptocurrencies consistently.

INJ has showcased its robustness, standing out as one of the few digital currencies that remained unscathed during the recent market downturn. CoinMarketCap data reveals that INJ experienced a surge of more than 4% in the last 24 hours of trading, hitting a trading price point of $7.59.

As a result, INJ’s price settled just shy of its daily high at $7.66. The altcoin’s price increase was paralleled by a significant 39.57% rise in its 24-hour trading volume. Consequently, INJ’s trading volume escalated to $79,718,267.

Technically speaking, INJ was hovering slightly under the significant resistance mark of $7.750 at the time of writing. If it manages to secure a daily candle closure above this threshold, it will face minimal resistance to potentially hitting $9.085 in the subsequent week.

Nonetheless, if today’s daily candle closes beneath the 9-day EMA line, currently at $7.471, it would negate the optimistic outlook. Under these circumstances, the digital asset’s value could drop to $6.80 within 48 hours. Persistent selling pressure might even pull the altcoin’s value down to the next significant resistance level, pegged at $5.990.

Crypto traders and investors should pay attention to the current technical indicators. As of the latest update, the 9-day Exponential Moving Average (EMA) line is poised to cross above the 20-day EMA line. Should this crossover occur, it would signal a shift in short-term momentum towards the bullish side.

Following this, the 9 EMA could potentially surpass the 50 EMA line, indicating a shift in medium-term momentum from bearish to bullish. As a result, the price of INJ could ascend to the previously mentioned resistance level of $9.085.