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May 22, 2024
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INJ Price Analysis: Is INJ Price Set For A Price Correction Soon?

The post INJ Price Analysis: Is INJ Price Set For A Price Correction Soon? appeared first on Coinpedia Fintech News

As the industry starts trading positively, cryptocurrency is now taking slow steps toward stability. On the other hand, INJ price has been trading on a bullish note, placing its price on the top gainer’s list.

The INJ price has been trading in an ascending trend for a long period of time, forming upper highs with every jump. The coin was recently rejected while testing to break out of its resistance trendline after which the price lost momentum and broke down the support level of $7.667.

The Injective coin was seen trading in a consolidated range of $7.330 and $7.667, after which the AVAX price gained momentum and broke out of the resistance level. The coin is currently hovering between the consolidated range of $7.667 and $8.100.

The MACD displays a rising green histogram, indicating the token’s massive buying and selling power. Further, the chart displays a decline in the histogram as the levels are now moving sideways, indicating the possibility of a price drop in the coming days.

If the Bulls manage to gain power and hold the price above $7.667, then the price will continue to rise and test its resistance zone of $8.10. Further, if the market gains a bullish momentum and the price jumps, it will prepare to test the upper resistance level of $8.350.

On the contrary, if the bears overpowered the bulls and a trend reversal occurs, then the price will lose momentum and fall below the support level of $7.667. Moreover, if the price continues to dip, the price will further fall to test the lower support level of $7.33.

Further, if the price continues to hold its price above the level, then it is bound to test its important support level of $7.186.

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