Bullish Run for Injective (INJ): Will the Momentum Continue?
29 Mai 2023 - 6:00PM
NEWSBTC
The Injective (INJ) price has experienced an uptrend, resulting in
price increases since yesterday, May 28. This trend indicates
a positive sentiment among investors, with more buyers entering the
market and increasing prices. Meanwhile, the uncertainty around the
price of the general crypto market has caused speculations about
whether this momentum will continue. Assessing The Potential For
Sustained Momentum The bullish sentiment in the INJ market has
affected its price positively, resulting in an increase of 8.78% in
the last 24 hours. Also, the buyers have maintained this momentum,
resulting in a surge of 8.56% in the 7-day trading period.
Related Reading: Bitcoin Exchange Inflows Mostly Coming From Loss
Holders, Weak Hands Exiting? The asset’s current price sits at
$7.41 as of the time of writing based on CoinMarketCap data. The
assets’ 24-hour trading volume and total market cap show positive
market participation with an increase of 200.36% and 9%,
respectively. INJ has maintained the uptrend movement by forming
higher highs and lows. This formation indicates that INJ’s price is
under bullish control, and the demand is growing rapidly. Also, the
asset trades above the trendline, which may be considered a
trendline support for investors and traders. This positive
sentiment may attract more investors and increase prices. Recent
Bullish Fundamentals Recently, there have been many partnerships
and initiatives around the Injective ecosystem. This has resulted
in bullish sentiment and price gains for INJ. On May 24, Injective
announced the launch of the first IBN-enabled SVM Rollup with their
partnership, Eclipse, on their page. This initiative will enable
Solana developers seamlessly interact and build with Injective and
the broader Cosmos universe. The INJ team made this announcement on
May 13, 2023, stating that anyone interacting with dApps built on
INJ or L1 Chain may receive an NFT. The surprise NFT announcement
boosted the bullish momentum in the market. Bollinger Bands
& MACD Signals Bullish Momentum The asset is currently trading
above the upper band of the Bollinger Bands Indicator. This
suggests a bullish movement and a potential buy signal for
investors and traders. It is important to note that an asset above
the upper band implies that the price has moved to an extreme or
overbought level. In addition, the Moving Average
Convergence/Divergence (MACD) is currently above the signal line
suggesting a bullish sentiment. This indicates that the buying
pressure outweighs the selling pressure. The INJ price trades above
the 50-day and 200-day Simple Moving Averages (SMA), indicating
bullish sentiment. The price above both SMAs implies that the asset
is under bullish pressure and a potential long-term bullish trend.
Related Reading: Bitcoin Bulls Push BTC Back Up To $28K Amid
Surging Address Activity Also, a Demand Index reading of 0.170
suggests positive buying pressure in the market. This indicates
that the buying pressure is relatively stronger than the selling
pressure. Featured image from Pixabay and chart from Tradingview
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