Injective Price Hints Bullish Sentiment! INJ Price To Record 10% Gain Soon?

The post Injective Price Hints Bullish Sentiment! INJ Price To Record 10% Gain Soon? appeared first on Coinpedia Fintech News

The Injective token successfully broke out of its key resistance level of $38.942 during the early trading hours today. However, the price continues its struggle to break out of its import level of $41.532.

The altcoin traded in a closed range between $36.668 and $38.942 for a while, following which the Injective token constantly displayed price fluctuations. The INJ price traded in a consolidated range between $38.942 and $43.933 for about a week, after which the bulls lost momentum and the token recorded a correction of approximately 17%.

After this, the price traded in a narrow space between $36.668 and $38.942 for a short period, following which the bulls experienced another bearish move from the market.

TradingView: INJ/USDT

After multiple attempts, the INJ token regained momentum and successfully broke out of the resistance, but due to increased market volatility, the token constantly bounced between the range of $36.668 and $41.532 for over a week.

The market bulls managed to break out of the resistance level, but the rally was short-lived as the price faced rejection at $43.933, after which the price was pulled back within the range.

Since then, the price has been constantly trading in a consolidated range between $36.668 and $41.532. Moreover, the price is currently on the verge of testing a breakout, of which the outcome is unpredictable. 

Will INJ Price Regain $50 Soon?

The RSI displays a sideways trend, indicating a weak price action for Injective tokens in the market. Further, the averages show a minor elevation, suggesting a slight increase in the buying pressure.

If the bulls push the price above its resistance level of $41.532, the INJ price will regain momentum and test its upper resistance level of $43.933. Maintaining the price at that level will set the stage for the Injective token to attempt to test its resistance level of $46 in the coming time.

Negatively, if the token continues to trade sideways the Injective price will lose momentum and fall to test its support level of $38.942. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $36.668.