- INJ occupies the number 1 spot on CoinMarketCap’s trending list after climbing more than 5%.
- The altcoin was also able to strengthen against BTC and ETH over the last 24 hours.
- Technical indicators on INJ’s 4-hour chart suggest that there may be a correction in the crypto’s price soon.
Over the past 24 hours of trading, Injective (INJ) earned itself a spot on CoinMarketCap’s trending list after a price increase of more than 5% during this period. As a result, INJ was trading at just over $7, close to its daily high of $7.18.
In addition to this, INJ succeeded in strengthening against the two market leaders, Bitcoin (BTC) and Ethereum (ETH) by about 6.26% and 5.80% respectively. The altcoin’s increase also succeeded in pushing its weekly performance even further into the green as, at press time, INJ was up 18.22% over the past seven days.
Throughout the past day, INJ’s 24-hour trading volume saw an increase of more than 50%, and as a result it stood at $91,984,880 at press time. Its market cap of $562,948,699 meant that it was ranked as the 72nd biggest crypto in terms of market capitalization.
INJ’s price was able to flip the resistance level at $6.795 into support yesterday morning following a 3.43% move. At press time, its price continued to trade between this recently-flipped level and the next resistance level at $7.352. Furthermore, the altcoin’s price had the support of the 9 EMA line on the 4-hour chart.
The RSI indicator on INJ’s chart suggested that the bullish move over the last 24 hours had lost momentum, as the RSI line had formed a peak and was negatively sloped towards oversold territory. Should there be a pullback in the crypto’s price, it will likely result in INJ’s price dropping to $6.791 in the next 24 hours.
An early indication of the potential pullback will be when INJ’s price drops below the 9 EMA line. Conversely, the altcoin’s price remaining above the 9 EMA line for the duration of today’s trading session will invalidate the bearish thesis. This may lead to it climbing to $7.352 in the following 24-48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
