- Injective (INJ) registered a modest 0.28% surge in the last 24 hours.
- INJ surpassed Bitcoin and Ethereum in the last 24 hours.
- Technical indicators suggest INJ is experiencing a medium-term bullish trend.
Injective (INJ) emerged as one of the rare cryptocurrencies that registered a gain in the last 24 hours. As per the latest update from CoinMarketCap, the altcoin’s value currently stands at $7.85, reflecting a modest 0.28% surge.
Furthermore, INJ has exhibited resilience against the dollar and surpassed the two dominant players in the crypto market, Bitcoin (BTC) and Ethereum (ETH), in the last 24 hours. At the time of writing, INJ has gained 0.41% against BTC and 0.53% against the primary altcoin. Consequently, the value of 1 INJ token has reached 0.0002893 BTC and 0.004134 ETH. These figures indicate a promising outlook for INJ’s performance in the market.
Despite its previous momentum, the trading volume for INJ has experienced a decline. As of the latest update, the total volume has reached $44,078,450, indicating a 35.20% decrease within the last 24 hours.
Despite INJ’s price attempting to breach the crucial resistance level of $8.25 in the last 24 hours, the bears managed to hold their ground and keep the altcoin’s value below this threshold. Nevertheless, technical indicators indicate that INJ is likely to make another attempt at breaking through the resistance level within the next 24-48 hours.
As of the latest update, the 9-day EMA line has surpassed the 20-day and 50-day EMA lines in trading. Furthermore, the 20-day EMA line exhibits bullish behavior by trading above the 50-day EMA line. These technical indicators suggest that INJ’s price is currently experiencing a medium-term bullish trend and is expected to continue its upward trajectory.
The current bullish outlook for INJ could be challenged if the price dips below the 9-day EMA line within the next 24 hours. In such a scenario, the crypto’s value may face the possibility of plummeting to the next significant support level at $6.83 within the following 48 hours, which coincides with the 50-day EMA line. It is crucial to monitor these indicators to make informed investment decisions closely.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
