Injective Protocol’s native token, $INJ, appears poised for a significant move as it continues to exhibit a pattern of higher lows while hovering beneath the critical resistance level of $50. As per Jelle, a figure in the crypto sphere, amidst the current market landscape, where volatility reigns supreme, all indications point towards an imminent breakout for $INJ.
Trading at $41.16 at present, with a robust 24-hour trading volume of $202,184,557, $INJ has demonstrated resilience, marking a 2.61% increase in the last day alone. Analysis of the Relative Strength Index (RSI) on a one-day timeframe reveals a neutral stance at 54.72, suggesting neither overbought nor oversold conditions, a positive sign for potential upward movement.
Moreover, the Moving Average Convergence Divergence (MACD) indicator, with the trading signal line positioned below it, reinforces a bullish sentiment in the short term. Additionally, the one-day Know Sure Thing (KST) indicator underscores positive momentum in the market.
With a consolidation period extending over 82 days, investors eagerly anticipate a breakout that could send $INJ soaring to new heights. The resilience displayed by the token amidst market fluctuations underscores its potential for substantial gains in the near future.
Furthermore, the prolonged consolidation phase indicates a buildup of bullish pressure, potentially setting the stage for a decisive move beyond the $50 resistance level. Should $INJ breach this crucial threshold, it could pave the way for a sustained upward trajectory, offering investors ample opportunities for profit.
While past performance is not indicative of future results, the technical indicators currently align favorably for $INJ, signaling a bullish bias in the short term. Investors and traders alike are closely monitoring developments, anticipating a breakout that could propel $INJ to new highs.
