Injective (INJ) price is on the rise, rising 30% in the past seven days and soaring 14% in the past 24 hours. Its trading volume has soared over 250% in the same period, reaching $274 million.
This price performance is supported by bullish technical indicators, including an overbought RSI at 80.6 and a BBTrend at its highest levels since November 2024. If the golden cross materializes, INJ could see further gains, targeting $26.5, $29.4, and potentially $35.2, but downside risks remain if support levels fail to hold.
INJ RSI is currently in the overbought zone
Injective's RSI rose to 80.6 from 61 yesterday and 36 last week when the price started to rise. The RSI, which ranges from 0 to 100, indicates whether an asset is overbought or oversold.
Values above 70 suggest overbought, which could lead to corrections, while values below 30 indicate oversold, with a chance of recovery.
INJ RSI. Source: TradingView
At the current level of 80.6, INJ's RSI suggests that the asset is deep in overbought territory, reflecting strong bullish momentum driven by aggressive buying.
While this indicates great market enthusiasm and potential for short-term gains, it also raises caution for a possible cooldown.
Injective’s BBTrend hits highest levels since November 2024
Injective launched with the promise of being a layer-1 blockchain to revolutionize finance. Its BBTrend currently sits at 11.05, nearly reaching its recent peak of 11.36, reached a few hours ago. This marks its highest level since late November 2024, reflecting a significant recovery from -4.58 just two days ago on January 4.
BBTrend, derived from Bollinger Bands, measures the strength and direction of a price trend. Positive values indicate bullish momentum, and negative values suggest bearish conditions.
INJ BBTrend. Fonte: TradingView
At the current level, INJ’s BBTrend highlights strong bullish momentum, suggesting that buyers are firmly in control and pushing the price higher. The sharp bounce from the negative territory shows a shift in market sentiment, favoring a continued uptrend.
However, with BBTrend near its recent highs, a stabilization or slight correction could occur if buying pressure cools down, although the overall trend remains positive. Traders should monitor whether INJ price can sustain this momentum or if a consolidation phase emerges in the near term.
INJ Price Prediction
The EMA lines for INJ price indicate that the price is about to form a golden crossover. This happens when a short-term EMA crosses above a long-term EMA. If this occurs, it could reignite buying momentum and propel INJ to test the resistance at $26.5 as the narrative around the crypto attempting to revolutionize TradFi grows.
A break above this level could pave the way for further gains, with $29.4 as the next key target. If momentum remains strong, INJ could even test $35.2, a level not seen since early December 2024.
INJ Price Analysis. Source: TradingView
On the other hand, if the trend reverses and the golden crossover fails to materialize, INJ price may face bearish pressure. However, the first critical support is at $23.98, and a break below this level could lead to further declines. In a more bearish scenario, the price could drop to $19.7.
The article Injective (INJ) rises 30% and golden cross suggests higher was seen first on BeInCrypto Brasil.
