INJ Bulls Rally as Price Hits 52-Week High Amid Market Volatility
Despite being optimistic at the start of the day, Injective (INJ) bulls surrendered to the bear rule, which effectively retraced the price to an intra-day low of $8.48. Despite this pessimism, bulls quickly rallied, sending INJ’s price to a new 52-week high of $9.6138 within hours. This positive trend persisted until press time, with INJ trading at $9.21, a 3.37% increase from its previous closing.
If the positive trend in INJ continues and it breaks above the $9.6138 resistance level, the next possible price target might be around $10.50. However, if it fails to break through the resistance level, a reversal toward the $8.50 support level is possible.
During the bull-bear swings in INJ market control share, market capitalization and 24-hour trading volume increased by 3.27% and 19.77%, respectively, to $738,415,139 and $207,716,242. This move implies that investors are actively trading and profiting from market changes, showing high volatility and profit potential in the INJ market.
INJ/USD 24-hour price chart (source: CoinMarketCap)
The MACD blue line on the 4-hour price chart rises above the signal line at 0.6301086 while the signal line reaches 0.5532934. This bullish crossing” offers a possible purchasing opportunity for traders since it shows a change in momentum toward an upward trend.
If the MACD line continues to rise above the signal line and the histogram bars begin to grow, it may confirm the strength of the upward trend and support a buy signal.
However, the stochastic RSI reading of 82.45 indicates that the INJ market may be overbought and ready for a possible correction, so traders should take caution and consider taking profits or applying a stop-loss plan to safeguard their gains.
INJ/USD chart (source: TradingView)
On the INJUSD 4-hour price chart, the Chaikin Money Flow score of 0.05 indicates that the bullish potential is weak and that buying pressure is insufficient for a significant price rise. This closeness to the zero” line shows that the market may be indecisive, and traders should proceed carefully while making trading choices.
The positive momentum in the INJ market may continue in the near term, with a Fisher Transform reading of 2.86 and movement above its signal line. Still, traders should watch for any possible trend reversals or market swings.
This caution is due to the stochastic RSI score being over 80 and the CMF being close to the zero line, which may imply overbought circumstances and a likely weakening of the positive trend.
INJ/USD chart (source: TradingView)
Investors are actively trading INJ as it rises to new highs and presents potential profit opportunities, but caution is advised as overbought indicators may signal a possible correction.
