- INJ occupies the number 1 spot on CoinMarketCap’s trending list after climbing more than 5%.
- The altcoin was also able to strengthen against BTC and ETH over the last 24 hours.
- Technical indicators on INJ’s 4-hour chart suggest that there may be a correction in the crypto’s price soon.
Over the past 24 hours of trading, Injective (INJ) earned itself a spot on CoinMarketCap’s trending list after a price increase of more than 5% during this period. As a result, INJ was trading at just over $7, close to its daily high of $7.18.
In addition to this, INJ succeeded in strengthening against the two market leaders, Bitcoin (BTC) and Ethereum (ETH) by about 6.26% and 5.80% respectively. The altcoin’s increase also succeeded in pushing its weekly performance even further into the green as, at press time, INJ was up 18.22% over the past seven days.
Throughout the past day, INJ’s 24-hour trading volume saw an increase of more than 50%, and as a result it stood at $91,984,880 at press time. Its market cap of $562,948,699 meant that it was ranked as the 72nd biggest crypto in terms of market capitalization.
4-hour chart for INJ/USDT (Source: TradingView)
INJ’s price was able to flip the resistance level at $6.795 into support yesterday morning following a 3.43% move. At press time, its price continued to trade between this recently-flipped level and the next resistance level at $7.352. Furthermore, the altcoin’s price had the support of the 9 EMA line on the 4-hour chart.
The RSI indicator on INJ’s chart suggested that the bullish move over the last 24 hours had lost momentum, as the RSI line had formed a peak and was negatively sloped towards oversold territory. Should there be a pullback in the crypto’s price, it will likely result in INJ’s price dropping to $6.791 in the next 24 hours.
An early indication of the potential pullback will be when INJ’s price drops below the 9 EMA line. Conversely, the altcoin’s price remaining above the 9 EMA line for the duration of today’s trading session will invalidate the bearish thesis. This may lead to it climbing to $7.352 in the following 24-48 hours.
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