Injective Price Analysis: Will INJ Surge to hit $2.20


  • First support level for Injective is at $1.58.
  • Injective is presently valued at $40.74
  • Injective gain bullish momentum over the past week gaining 17.91%.
  • The EMA(50) is currently at $1.71.

29 February 2024 : In this article we will walk you through Injective price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Injective, Is INJ a good investment? Injective support & resistance levels etc. But before diving deep into the INJ technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,267,886,072,567. The total trading volume stands at $156,733,707,568. Bitcoin shares 53.12 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $61,174.87 level after an upward movement of 0.17%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -0.19 percent reaching to $3,332.73 during the previous 24 hours.
While publishing this blog, BNB traded at $401.31, following a price change of -2.54%within the same time frame. SOL the native coin of Solana is up by 7.09 and currently trading at $125.88. Additionally, XRP reached $0.59 after seeing a uplift of 2.57% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Injective Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Injective (INJ)

INJ Resistance Levels INJ Support Levels
Resistance Level 1 $2.20 Support Level 1 $1.58
Resistance Level 2 $2.53 Support Level 2 $1.30
Resistance Level 3 $2.82 Support Level 3 $0.97

Injective Performance

INJ has recorded a downtrend, losing -5.72% in last 24 hours. The current value of Injective is hovering at $40.74 with the trading volume of $464,240,270.00 USD in the same timeframe. The overall marketcap for INJ is $3,805,561,319.00 USD while the coin price changes 17.91% over the week.

Injective Price Analysis

INJ price analysis for 29 February 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Injective.

Moving Averages Price Indicator
Simple Moving Average (10) 1.86 Buy
Exponential Moving Average (10) 1.90 Buy
Simple Moving Average (20) 1.82 Buy
Exponential Moving Average (20) 1.84 Buy
Simple Moving Average (50) 1.70 Buy
Exponential Moving Average (50) 1.71 Buy

The MACD line is standing above of the signal line after a positive crossover. Injective investors need to wait for any directional change over the daily chart. The relative Strength Index (RSI) indicates that the INJ coin is in heading towards overbought zone, as RSI is at 63. While INJ’s Williams %R indicator is at -26.786 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

Injective has few recovery chances and might continue testing immediate resistance level of $2.20 in the coming days. While the gradual bullish movement in the overall cryptocurrency space can keep INJ investors hopeful.