Journalist
Posted:
- INJ has managed to break above several resistance levels in recent days.
- Whale stocks fell, but other numbers looked bullish
injective [INJ] traded differently than the rest of the cryptos as its price rose while the value of other cryptos plummeted. This happened when the token managed to cross a major resistance level in the recent past.
So should investors expect the token to rise further or should they be cautious about a price correction?
A quick look at Injective’s journey
While the market remained under the influence of bears, Injective chose to move the other way as the price rose. To be precise, according to CoinMarketCapthe INJ has risen by more than 21% in the past 24 hours.
At the time of writing, it was trading at $26.08 with a market cap of over $2.1 billion.
Rekt Capital, a popular Twitter account that posts analysis on cryptos, recently posted a tweet mentioning INJ. According to the tweet, Injective rose above a key resistance level at $21. Therefore the chance is up INJ It seems likely that there will be a huge bull rally!
Injection did it
The last major resistance before the new All Time High & Price Discovery mode revisited
All we need to do is regain this red resistance as support to reach new All Time Highs
Until then, INJ will remain within the orange-red range#INJ #Crypto #Injective https://t.co/4IcUphgcTT pic.twitter.com/yeLWRO14n3
— Rekt Capital (@rektcapital) December 11, 2023
Interestingly, the token has managed above several resistance levels in recent days. According to Hyblock Capital’s chart, despite the liquidation, the INJ has risen above several levels, such as the $25 mark.
Source: Hyblock Capital
Should you expect INJ to pump further?
To understand whether investors should expect INJ to rise further, AMBCrypto checked INJ’s daily chart.
According to the analysis, INJ’s Money Flow Index (MFI) and Relative Strength Index (RSI) both reached an overbought zone, which is a bearish signal.
The token’s price also reached the upper limit of the Bollinger Bands, increasing the likelihood of a price correction.
Source: TradingView
What the statistics suggest…
While most market indicators suggested a price correction, on-chain metrics looked bullish. For example, as the price rose, so did trading volume.
People also talked about Injective as its social volume increased, as did its weighted sentiments.
Source: Santiment
AMBCrypto then looked at Injective’s offer. We found that INJThe supply on the exchanges registered a huge drop last week, while the supply outside the exchanges remained stable. This clearly indicated higher purchasing pressure.
Realistic or not, here it is Market capitalization of INJ in BTC conditions
The token’s MVRV ratio also rose last week, which is a typically bullish signal. Whale activity around the token also remained high.
However, it is possible that the Whales have sold their assets as supply from the top addresses remained flat last week despite a rise in Whale transactions.
Source: Santiment