Injective (INJ) price may be recovering recent lossesđ„
Injective (INJ) price is expected to rise in the coming days, driven by investor optimism. While INJ faces challenges in achieving a 27% gain, support from holders will play a key role.
Injective price is preparing to break through the multi-week resistance level and recover the losses from two months ago. The active deposit indicator shows that investors choose to hold rather than sell. The active deposit volume has strictly declined since December 2023. This shows that holders support the price increase.
In addition, market signals have also turned bullish, with the Moving Average Convergence Divergence (MACD) indicator showing a bullish crossover.
Currently, Injective price is testing the $28 resistance level with a target of $30.
If successful, INJ may rebound to $35, with a potential gain of 22%. This is the price point where it fell in mid-April.
However, if it fails to break through $28 and $30, the price of Injective may fall back to $21, which has formed a support line in the past few weeks. A break below this level will invalidate the bullish outlook.
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