Injective Protocol’s INJ token just struck a new all-time high at $27.02. However, it appears that the market is currently in a phase of calm and consolidation, with investors being cautiously hopeful, yet reluctant to push prices much higher at this time.
Overall trading activity has declined from the recent peak, leading to a decrease in market volatility. Despite this, INJ’s price has risen 12% over the past day and is currently trading at $25.
Injective inks 50% price increase
One of the things to consider as the token looks for more growth is what pushed it to an all-time high. So is there any chance this rally will last, or will the bears ruin the bulls’ Christmas?
Injective’s native token has a price explosion of more than 50% over the past 30 days, and the steady rise since the December 2022 low has been marked by a parabolic increase of over 1,500%. Positive news about the ecosystem and the general bullish mood have driven the INJ higher in recent weeks.
INJ seven-day price action. Source: Coingecko
On the last day alone, there was a 40% spike in INJ’s trading volume to $508 million. INJ’s price has fluctuated around 15% over the past day, which also indicates high intraday volatility. Traders should prepare for further volatility in the near future.
Now that Injective has a new ATH set, it’s in uncharted territory and could rise quickly.
INJ currently has a market cap of $2.07 billion. Source: TradingView.com
In the event of a decline, the nearest support area is at $24, then $20, which corresponds to the Fibonacci 0.382 retracement level. Just below that, at $16 and $15 respectively, you can find support at the 0.5 and 0.618 Fib levels. If INJ’s rally hits a wall, the stock could return to this level before continuing its rise.
INJ’s $65K Burn Increases Weekly Gain
Injective’s weekly token burn has been one of the main triggers in recent days. The most recent of these burned over $65,000 worth of INJ, taking them out of circulation forever.
Injective saw a notable increase in the total amount of INJ deployed during the burn auction. Nearly $1 billion worth of tokens have been staked to date, based on on-chain data.
A bullish continuation could see buyers target prices above $30. A bearish turn combined with a broader market decline could indicate a possible decline towards support in the $20-$18 range.
INJ monthly price prediction. Source: Coincodex
INJ positive prediction
Meanwhile the flow Coincodex Injective Price Prediction indicates a price increase of $27.50 this week. Moreover, according to the technical indicators, the current mood is bullish and the Fear & Greed Index currently stands at 67 (Greed).
INJ at Greed territory. Source: Coincodex
The predicted annual low price for Injective in 2024 is $25.13, based on how the price has changed in the past and BTC’s halving cycles. Injective, on the other hand, could cost as much as $35.49 next year.
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