Injective sparks bullish signals – How much can INJ gain?

INJ

As a seasoned analyst with over a decade of experience in the crypto market, I find myself impressed by Injective’s (INJ) recent surge and sustained growth. The past week has been marked by significant gains across the board, but INJ has truly stood out.

Following last week’s Federal Reserve interest rate reduction, the cryptocurrency markets have experienced substantial growth. As the market revives, Bitcoin (BTC) has been the primary catalyst for this upward trend.

Typically, when Bitcoin recovers, it tends to boost the value of other cryptocurrencies as well. As a result, many alternative coins (altcoins) have seen significant growth, and coins focused on artificial intelligence (AI) in particular have witnessed a substantial surge.

Amidst this AI coins resurgence, Injective [INJ] has shown massive resilience.

At present, I’m observing that I’m holding INJ shares priced at approximately $23.23. Interestingly, this represents an impressive surge of around 10.99% compared to its value from the previous day.

During that span, Injective’s trading activity significantly rose by 45.27%, reaching a total of $174.4 million. Furthermore, its market capitalization experienced an uptick of 10.74%, now standing at approximately $2.3 billion.

For the entire month, this trend has consistently persisted. Consequently, in the last seven days, the INJ has experienced an increase of approximately 13.55%. This upward momentum over the past month culminated in a rise, with the INJ showing a 13.14% hike on a monthly scale.

What INJ’s chart says

According to AMBCrypto’s analysis, INJ was experiencing a sustained upward momentum at press time.

As a researcher, I’ve noticed that after reaching a monthly low of $15.56, Injective has signaled a breakout from a prolonged period of market consolidation. This upward trend suggests a significant shift in market sentiment and investor preferences towards this asset.

Thus, these prevailing market conditions could set INJ to make further gains on its price charts.

To give an example, the Relative Strength Index (RSI) of Injective has been steadily increasing over the past fortnight, climbing from 47 to 68 as we speak.

This indicates a growing interest in the altcoin, following a previous spike in trading activity. Consequently, there was more buying interest than selling for INJ.

Furthermore, the Aggregated Funding Rate for Injective has consistently been positive across all exchanges during the last seven days.

Typically, when an exchange combines Funding Rates positively, it signifies that those holding long positions are compensating or paying those in short positions. This scenario usually means that the majority of investors are optimistic about price growth as they are betting on a rise in market value.

Over the last seven days, there’s been a continuous rise in the total amount of pending contracts (Open Interest) for USD exchanges. This increase has taken the figure from approximately $33.4 million to currently $41.18 million.

As the price goes up along with growing Open Interest, this often signifies the robustness of an upward trend. In other words, it indicates that traders are actively buying and holding positions that align with the rising price trend, thereby validating its reliability.

To put it simply, when there’s a positive OI-Weighted Funding Rate, it means traders who have taken long positions are optimistic enough to pay a fee for holding them. In other words, the rate implies these long position holders believe the market will rise.

Read Injective’s [INJ] Price Prediction 2024–2025

Essentially, Injective is presently seeing a surge or rise in its trend. With optimistic market feelings, Injective (INJ) appears primed for more growth.

Under current market circumstances, it’s likely that INJ could surge past its upcoming key resistance point at around $25.8. Should it breach this barrier, the price of Injective might climb up to approximately $29.3.

2024-09-26 21:44

What INJ’s chart says

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