Recently, injective (INJ) has experienced explosive growth, pushing itself to unprecedented heights and attracting the interest of experts and bitcoin enthusiasts alike. Over the past week, the digital asset has done just that increased by approximately 32%, and a paltry 1% on the last day.
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INJ was trading at $26.17 at the time of writing. There’s a chance the price will explode to as high as $380. Here we outline the factors that led to INJ’s great success and talk about what could happen in the future for this growing digital currency asset.
Injective: positive patterns
Given Bitcoin’s recent gains, Injective’s notable price increase coincides with a bullish trend in the larger cryptocurrency market. The general mood in the market is quite optimistic, providing a rich environment in which alternative currencies such as the INJ can flourish.
Analysts attribute this increase to the arrival of Ethereum ETFs on July 23 and favorable market conditions. This next event will likely increase investor interest in the crypto market, benefiting altcoins and increasing their attractiveness among investors.
As more buyers flock to Ethereum ETFs and demand for altcoins rises, they will bring new life to the market. Due to the recent gains and generally good progress, Injective is well positioned to make money from this trend.
More than $600 million worth of Bitcoin transactions have been completed in the last 24 hours, giving it a market value of $2.44 billion. As the cryptocurrency market continues to grow, INJ’s rising trend could lead to even bigger price changes in the near future.
$INJ (Injective) is rising after confirmation of a hidden bull divergence and prices are above a key target level of $21.6541377, which, on a logarithmic scale, could mean $380 is in play as the current target!
With a full logarithmic follow-through we can look at prices of… https://t.co/ahvxw8Z3gT pic.twitter.com/dfR4Xy1aSl
— JAVON
MARKS (@JavonTM1) July 16, 2024
Technical indicators point to greater upside
Technical study by eminent bitcoin expert Javon Marks further fuels the hope surrounding Injective. Marks has found a Hidden Bull Divergence pattern on INJ’s price charts, a technical indication of major bullish momentum.
After INJ’s price crossed a historical resistance point that often indicated a possible significant upside move, a key logarithmic level of $21.65, this pattern has developed.
Marks’ research reveals INJ’s astonishing upside potential given its $380 price target. Based on existing trading levels, this forecast shows an astonishing 1,350% upside. Excited traders and investors have reacted to the Hidden Bull Divergence as they see this technical pattern as a good signal of future price increases.
Should INJ continue its optimistic trajectory, it can make incredible profits and reaffirm its leadership among players in the cryptocurrency scene.
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Investor mood and short-term forecasting
Looking ahead, Injective’s short-term projection is also very positive. Technical indications and a Fear & Greed Index of 60, which indicate a strong sense of greed and optimism among investors, reinforce the generally positive attitude of the present. See recent predictions INJ rising by 228.76% to reach $86.92 on August 18, 2024.
Featured image from Mel Magazine, chart from TradingView