Can Injective (INJ) Continue Its Rally Following the Upbit Listing?

• Injective marked a spike of over 10%, over the day.
• South Korean crypto exchange Upbit announces to list the INJ.

The crypto market is briefly rebounding as the anticipated October momentum steamed. The altcoin, Injective (INJ) has soared over 10% in the early hours, crossing the $23 mark. The INJ rally coincides with the listing on the South Korean crypto exchange, Upbit. 

Upbit has officially listed Injective (INJ) to its trading platform, enabling investors to trade the token in KRW (Korean Won) and USDT markets. Trading for INJ is set to begin on October 17, 2024, at 18:15, as per Upbit’s official announcement. 

Besides, the analysts anticipate INJ could soon hit the potential $24 range, as the listing expects to boost Injective’s liquidity. 

Despite the surge, the INJ price failed to rise further, instead dropping to a low of $20.36. Currently, the asset is trading at $21.37, noting a moderate gain of 1.16%. Amid this, INJ’s daily trading volume has surged by over 107%, positioned at around $249 million, according to CMC data. Meanwhile, the market recorded a liquidation of $966.16K worth of Injective during this timeframe, as per Coinglass. 

What’s Ahead for INJ?

Evaluating the past thirty days, INJ has gained by 9.38% and marked the monthly low at $18.61. When looking at the weekly price momentum, a steady spike above 9.40% is noted. Eventually, the asset climbed from $18 to a high of $22 mark. 

Looking ahead at the revival of INJ, the initial resistance could be tested at the $23.77 range. If the bullish wave sustains, the price will go high. Conversely, a strong bearish trajectory of the asset could take the price to immediate support near the $19.63 zone. 

While analyzing the 24-hour price chart, Injective’s daily relative strength index (RSI) stood above 54, indicating the asset’s presence in the neutral zone. Moreover, the technical indicators of the token, the short-term 9-day MA and long-term 21-day MA were at $20.95 and $21.26, respectively. 

INJ price chart (Source: TradingView)

Furthermore, the Moving Average Convergence Divergence (MACD) line falls below the signal line, suggesting a bearish sentiment that may trigger the incoming bear run. 

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