The price of Injective has increased by over 25% in the past week, from a low of $17 to $23.27 this morning. Recently, the cryptocurrency market has been trending positively, and the substantial increase in Bitcoin’s price is a significant factor in this price ascent.
The upbeat perception of Bitcoin has been a significant factor in the success of altcoins. Injective is one of the most significant beneficiaries.
A decent rise in trading volume has coincided with INJ’s price spike, suggesting increasing investor interest. With $512 million in 24-hour trading volume and a $2.17 billion market capitalisation, it is evident that injective is becoming more and more popular in the market.
Expert Eyes $50 Goal
The renowned cryptocurrency specialist, World of Charts, has expressed a favourable evaluation of Injective’s probable price trajectory. According to his research, INJ is now seeing an upward trend and is consolidating within a bullish continuation signal, namely a falling wedge formation. With its lower highs and lower lows, the falling wedge pattern implies that a breakout may be on the horizon.
$Inj#Inj Is In Strong Uptrend Currently Consolidating Within Falling Wedge (Bullish Pattern) Injective Needs To Clear This Wedge To Continue Its Upside Move Incase Of Successful Breakout Expecting Move Towards 50$ In Coming Weeks#Crypto #Injective pic.twitter.com/oTkRdHdNes
— World Of Charts (@WorldOfCharts1) July 15, 2024
World of Charts highlighted that Injective must effectively break out of its wedge pattern in order to resume its upward trajectory. A breakthrough would indicate that the consolidation phase is over and the rising trend is back on track. The expert anticipates that if this breakout happens, the price of INJ would rise over the next few weeks and approach $50.
Ethereum ETFs: Will They Change The Injective Market?
The market is getting even more excited because Ethereum ETFs will be available starting July 23. People think that this important event will give the market new hope, which will bring in new buyers and make more people want to buy cryptocurrency. As expected, the release of Ethereum ETFs will cause the price of Injective to go through the roof.
People who follow the market are very positive about how Ethereum ETFs might affect it. The expected influx of big investors and the ease of access to Ethereum-related assets may cause the values of altcoins to rise.
By August 16, 2024, Injective is seen rising by 220% to $83.77. As we speak, th coin has a 69 score on the Fear & Greed Index. Having a price range of 6.60%, injective has had 15 out of 30 “green days” during the past 30 days. These factors indicate that the altcoin could see significant increase in the next months.
Due to the fact that the cryptocurrency industry is still expanding, Injective is in a favourable position to profit from the current bullishness as well as the market triggers that are going to occur in the near future.
Strong fundamental trends, a positive market mood, and big events like the launch of Ethereum ETFs have all contributed to an environment that is conducive for Injective’s price performance.
Featured image from Injective, chart from TradingView
Source: NewsBTC.com
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