If Price manages to successfully rebound
The Injective protocol has experienced a significant price movement. Starting from a demand level of $7.5 in Oct 2023, it saw a substantial rally, eventually reaching $52.50 by March 12th, after breaking through the resistance level of $45 (a barrier tested three times previously).
However, the peak at $52.50 proved to be unsustainable, and the price began to decline on March 13th, establishing a new support level at $20 by April 13th. Meanwhile, Attempts to recover were thwarted repeatedly by the dynamic resistance posed by the 50-day and 200-day EMAs.
In the most recent week, the price suffered a -22% setback, retreating once again to the $20 support level. The bearish outlook is further underscored by the MACD, which displays a bearish crossover with a histogram value of -0.876, while the RSI indicator is at 35.87, suggesting a bearish momentum.
INJ Price Forecast!
At press time, the INJ traded at $20.761 with an intraday gain of 1.56%.
Case 1 - If Price manages to successfully rebound from the current level and beats dynamic resistance in the process, the nearest targets would be then $30.0 and $36.0.
Case 2- If the price is unable to manage the current support level, then it could reach the $15.0 and $10.0 marks.
However, the peak at $52.50 proved to be unsustainable, and the price began to decline on March 13th, establishing a new support level at $20 by April 13th. Meanwhile, Attempts to recover were thwarted repeatedly by the dynamic resistance posed by the 50-day and 200-day EMAs.
In the most recent week, the price suffered a -22% setback, retreating once again to the $20 support level. The bearish outlook is further underscored by the MACD, which displays a bearish crossover with a histogram value of -0.876, while the RSI indicator is at 35.87, suggesting a bearish momentum.
INJ Price Forecast!
At press time, the INJ traded at $20.761 with an intraday gain of 1.56%.
Case 1 - If Price manages to successfully rebound from the current level and beats dynamic resistance in the process, the nearest targets would be then $30.0 and $36.0.
Case 2- If the price is unable to manage the current support level, then it could reach the $15.0 and $10.0 marks.
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