Injective Price Jumps Despite Bearish Sentiment! INJ Price To Record 10% Jump?
The crypto industry has experienced significant price volatility in recent times as top tokens have been constantly recording pumps and corrections in their respective value. On the other hand, the INJ price has recorded a jump of over 7% in value, making it one of the top gainers of the day.
The INJ coin price traded between $16.059 and $18.490 for a while, after which the bulls lost momentum and the price experienced a short pullback. After this, the Injective token traded in a closed range between $14.147 and $18.490 for over three weeks.
During this time the Injective price recorded constant volatility. The price gained just enough momentum as the market gained traction to break out of the range. After trading sideways between $18.490 and $20.615 for a short period, the bulls regained momentum and jumped over 49% before facing rejection at $27.574.
Following this, the price experienced a minor correction in value, but the bulls held the price strong above the support level of $23.826, resulting in a bounce back. The bulls broke out of multiple resistance levels and jumped 34% within a day.
After facing rejection at $34.750, the bulls have constantly traded in a narrow space between $29.785 and $31.893.
Will INJ Price Hit $35 Soon?
The technical indicator, MACD, displays a decline in the red histogram, indicating reduced selling pressure in the market. Moreover, the averages show a high possibility of a bullish convergence, suggesting the price will experience a significant price action in the coming time.
If the bulls push the price above the resistance level of $31.893, the INJ price will regain momentum and prepare to test its resistance level of $34.750 this week. Further, if the market holds the price at that level, it will continue to gain value and prepare to test its upper resistance level of $37.5.
Conversely, if a trend reversal occurs, and the Injective price fails to hold the price above the support level of $29.785, it will prepare to test its lower support level of $27.574. Moreover, if the bears continue to dominate the market, it will plunge further and test its crucial support level of $23.826 in the coming time.