INJ Crypto Price Surged 16.40%; Will It Go Over the $31.79 Mark?

• The INJ crypto price increased 16.40% in the last seven days’ session.
• Moving averages show a bullish signal, while the oscillators are neutral in the current sessions.
• An increase of 7.26% has been observed in the INJ volume during the 24-hour session.

Injective Protocol (INJ) is an open-source layer-1 blockchain built for finance. The interoperable blockchain features decentralized finance (DeFi) applications, spot and derivatives exchanges, market predictions, lending protocols, and more. INJ is a native token whose price has faced strong bearish sentiments since March 2024. However, the investors are not willing to leave the arena. They are approaching the crypto price in the current month.

Who Will Dominate the INJ Crypto, Bears, or Bulls?

The INJ crypto price has shown a strong bullish trend since October 2023. A significant approach from the investors can be seen in December 2023, which resulted in a hike of almost 150%  in price value. Subsequently, INJ created a resistance at $45.22, which was later broken in March 2024.

The crypto price made a new resistance of $52.94 and faced intense selling pressure, breaking the $38.79 support level. The above situation created a significant shift in bearish sentiments, keeping the retailers and investors away from the current sessions.

However, the buyers are trying hard to rally above $31.79, but they lack strength due to the bearish sentiments. In a recent post from the @injective X account (formerly  known as Twitter) explaining the burning quantity and date of INJ tokens, which follows as;

In this post, the Injective announces the date of the burning of INJ tokens worth $322,000. The 150th INJ burn auction is set to happen, which can be good news for investors as the tokens. This commitment can intrigue many holders to keep their trust.

Technical Analysis of the Injective Protocol (INJ/USD) Crypto

The short-term outlook lies above the key exponential moving averages (EMAs) on the bearish side. The 50-day and 200-day EMAs had a death crossover, indicating the increasing bearish sentiments.

Injective price is trading in a consolidation range of $28.86 and $20.21. The buyers and sellers both are showing equal strength in the current sessions. As per the technical speculations, the price will move whichever way the breakout happens.

The relative strength index (RSI) has shown a bullish divergence in the price momentum, indicating the increasing strength of buyers in the current sessions. The RSI is moving at 52.91 above the SMA line.

Summary

The INJ crypto price has been performing with bearish sentiments since March 2024. The price entered a consolidation phase on April 12, 2024. It is still struggling in the sideways trend. As per the current market condition, the price holds both possibilities; the bulls and bears have equal strength in the current sessions.

Technical Levels

When writing, the immediate resistance for INJ was $31.79, and the $20.21 level was the next support. If the price gives either of the mentioned levels a breakout, the price may move according to that direction.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.