Injective Token Price Spikes 18% in One Week – Could $29 Be the Next INJ Target?
Over the last week, Injective [INJ] has seen a significant surge, with a growth of 18% following a rebound from the lower end of its trading range.
With a notable 3.02% increase in the past 24 hours, the positive momentum seems poised to continue.
Targeting $29: Injective’s Ascent
At the current moment, INJ is on an impressive upward trajectory, breaking out of a descending pattern that originated back in April. Such patterns typically precede major uptrends.
This breakout was triggered as INJ bounced off the support level of the descending channel and gained further steam after trading above a subsequent support level at 18.14.
If the current bullish momentum persists, INJ could climb from its current price of $22.14 to hit the high point of the channel at $29.84, indicating a potential increase of 33.07%.
In a contrasting scenario, if INJ faces a downturn, it might revisit the $18.14 level before potentially resuming its upward climb.
Rising Interest in Acquisition
The demand for Injective (INJ) has surged, with both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators signaling a bullish trend.
With RSI at 65.80, indicating strong accumulation by traders, there’s potential for further appreciation in INJ’s price from its present level.
Additionally, the MACD, a critical trading tool, reinforces this positive stance by showing a robust buy signal.
This is visibly confirmed by the crossing of the blue MACD line and the orange signal line into the positive zone, accompanied by a dominance of green, upward-trending bars.
Continued signals from these indicators point towards a promising trajectory for INJ in the forthcoming trading sessions.
Strong Indicator for Continued Bullishness
At the time of assessment, Injective was witnessing a bullish surge, as indicated by Coinglass, with increased funds flowing into the asset. This was underscored by a rise in its OI-Weighted Funding Rate, currently standing at 0.0056%.
This uptick showcases heightened buying activity in the market, particularly noteworthy during an uptrend.
The OI-Weighted Funding Rate, a more precise reflection adjusting the standard Funding Rate based on the Open Interest of various leverage tiers, supports this favorable outlook.
A positive rate, as currently evident, typically signals strong market optimism, bolstering expectations for INJ to target $29.84.