Injective Protocol (INJ) is gaining attention in the decentralized finance (DeFi) ecosystem for its innovative blockchain features.
Symmetrical Triangle, which is a neutral pattern, suggesting indecision in the market. Although it could break either up or down, it usually breaks in the direction of the prevailing trend.
Here’s an in-depth analysis of INJ’s market performance and recent developments.
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INJ Crypto Price Analysis
Price: $23.65
Market Cap: $2.31 billion
24-Hour Trading Volume: $234.56 million
Circulating Supply: 97.73 million INJ
Total Supply: 100 million INJ
24-Hour Price Range: $23.60 – $25.82
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Breakout from Symmetrical Triangle and above 200-day moving average (~$22) signals bullish trend reversal. Price is now retesting that breakout. If successful, price could resume its Uptrend and revisit $30 level for +30% gain. Stop loss at $21.26.
Weekly Price Analysis
Weekly Price Movement: A decrease of 1.34%.
Monthly Change: An increase of 8.35%.
All-Time High: $52.62 (March 2024)
All-Time Low: $0.657 (November 2020).
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Neutral.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $20.00, then $14.00. Nearest Resistance Zone is $30.00.
Key Indicators
Market Rank: #57 globally among cryptocurrencies.
Fully Diluted Valuation: $2.36 billion.
Volatility: Moderate.
News Roundup
VanEck-Backed Stablecoin Launch: Agora’s AUSD, a stablecoin supported by VanEck, was recently integrated into the Injective blockchain.
Institutional Interest: Growing adoption by institutional players.
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