Injective Price Prediction for Today, May 6 – INJ Technical Analysis

On May 6, 2024

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Injective price prediction sees a 5.25% price increase over the past 24 hours of trading as the cryptocurrency touches $26.2.

Injective Price Prediction: INJ emerges as an enticing buy following a 20% decline.

Injective (INJ) witnessed a downturn amid Friday’s market crash, triggered by Bitcoin’s plunge, causing significant fluctuations in both long and short positions. Nonetheless, for prospective investors arriving late to the bullish trend, this presents an opportune moment for a discounted entry, particularly with Bitcoin halving on the horizon.

Injective Price Statistics Data:

Injective price now – $25.50
Injective market cap – is $2.41 billion
Injective circulating supply – 93.4 million
Injective total supply – 100 million
Injective Coinmarketcap ranking – #67

INJ/USD Market

Key Levels:

Resistance levels: $42.0, $44.0, $46.0

Support levels: $9.70, $7.70, $5.70

Injective Price Prediction for Today, May 6 – INJ Technical Analysis — INJUSD – Daily Chart

Currently, INJ/USD has observed a 5.25% price surge in the last 24 hours of trading, marking a bounce from the $23.8 to $26.21 resistance threshold. The Injective price could potentially ascend further if the 9-day Moving Average (MA) surpasses the 21-day MA. As of now, market dynamics favor the bulls, with buyers driving the coin toward the upper boundary of the channel.

Injective Price Prediction: Injective (INJ) is Ready for a Spike above $30.0 Level

The injective price may need to rise above $27.0 if the buyers push the price above the 9-day and 21-day moving averages. But on the contrary, traders may consider the market as bearish if the sellers take the market movement to the lower side.

Nevertheless, an upward bullish trajectory may encounter initial resistance at $30.0, with further potential hurdles at $42.0, $44.0, and $46.0. Conversely, should selling pressure breach the lower channel boundary, traders could anticipate support levels at $9.70, $7.70, and $5.70. Notably, the 9-day Moving Average (MA) continues to trail below the 21-day MA, signaling a prevailing bearish sentiment.

INJ/BTC Could Head to the Upside

Against Bitcoin, the Injective is likely to cross above the 9-day and 21-day moving averages, which could face the upper boundary of the channel. From the above, the nearest resistance level is likely to touch 5000 SAT. Above this, higher resistance lies at 5500 SAT and above.

Alternatively, should selling pressure persist and drive prices to new lows, further support levels could emerge at 2500 SAT and below. Concurrently, the 9-day moving average might necessitate a crossover above the 21-day moving average, potentially signaling an uptrend in the market’s trajectory.

@CryptoDona7 enlightened his followers on X (formerly Twitter), highlighting that many individuals are assessing the price of $INJ solely based on its USD pair, mistakenly perceiving it as exhibiting overall weakness compared to the broader market. However, the #btc pair tells a contrasting tale, hinting at a significant potential. This discrepancy suggests a bullish scenario, with expectations of a substantial surge within the next 1-2 weeks.

$INJ/#btc
i see many people judging the price of $INJ by it’s USD pair thinking that it’s showing absolute weakness compared to the rest of the market
while #btc pair is telling a complete different story , this looks absolutely fire and i expect a huge surge within 1-2 weeks… https://t.co/9AqljluQNt pic.twitter.com/s88WGL6UjO
— Dona.inj🥷 (@CryptoDona7) May 4, 2024

Injective Alternatives

The Injective (INJ) is currently approaching the $25.50 resistance level and aims to surpass the 9-day moving average amidst a promising upward trend. Traders are monitoring this movement closely, anticipating a potential market rally. Despite its substantial market cap and ranking, Injective’s significance may be overshadowed. Meanwhile, the Dogeverse token presents an attractive opportunity for amplifying returns, especially with over $13 million already secured in its presale. Now is an opportune time to consider investing in this promising token.

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