Injective (INJ) Market Analysis: Potential for Bullish Trend and Short-Term Uncertainty

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As of the time of writing, the price of Injective (INJ) is $27.77. Despite a 1.66% decline in price over the past week, the overall market structure still shows some bullish potential. Here is a key analysis for INJ:

Market Status

Price Performance:

24-hour price change: down 0.46%.

Weekly price change: down 1.66%.

Market Fundamentals:

Market Cap: $2.73 billion.

Circulating Supply: 98 million INJ.

24-hour Trading Volume: $221.5 million.

Technical Analysis

Breakout of Rounded Bottom Pattern:

The chart shows that INJ successfully broke out of a long-term downtrend after forming a rounded bottom pattern, providing a basis for subsequent rebounds.

The support level at $21.65 is currently a key level; holding this support will continue to maintain the bullish continuation pattern.

Moving Averages (MA):

Golden Cross: During November, the 13-day MA crossed above the 49-day MA, signaling a bullish trend.

Short-term Pressure: The current price has fallen below the 13-day moving average ($29.06) but remains above the 49-day moving average (around $25).

If the price falls below the 49-day moving average, it may further test the support level at $20.31.

Relative Strength Index (RSI):

The current RSI is 47.63, positioned below 50, indicating a market sentiment that leans neutral to slightly bearish.

The downward trend of the RSI reflects a recent decline in buying interest.

Resistance and Targets:

Short-term Resistance Level: $29.06.

Next Target Price: After breaking resistance, the price may rise to $32.

Long-term Target Price: If the trend remains unchanged, analysts set a logarithmic target price of $380, which represents a 12-fold increase from the current price.

Injective (INJ)'s market structure shows bullish potential, but recent price performance and on-chain data indicate uncertainty in the short term. Investors should focus on the performance of the $21.65 support and $29.06 resistance, adjusting their operational plans in conjunction with market sentiment and network data.

Watch live to catch the bull market!