- Injective marked a spike of over 12%, trading at $25 mark.
- INJ’s daily trading volume has surged by 120%.
As 2025 opened with promising market momentum, the total market cap rests at $3.51 trillion. The altcoin, Injective (INJ), has displayed bullish price action with a 12.27% increase in the past 24 hours.
Notably, in the early hours, INJ recorded its lowest price at $22.71. As the day progressed, the asset recovered and visited its daily high of $26.33. At the time of writing, Injective trades at $25.83. Further upside correction could pave the way toward a bullish phase.
Reportedly, the market has observed an $892.47K liquidation of INJ during this time frame, as per Coinglass data. Concurrently, the daily trading volume of the asset has reached $255 million.
While zooming in on the seven-day trading chart of Injective, it has gained over 25.60%. INJ began the week trading on the downside at $20.59 and eventually mounted to a high of $23 in the midweek and reached the current trading level.
Will INJ’s Rally Hold Strong?
INJ’s four-hour trading window reports the upside correction. The current bullish momentum could potentially push the price toward the $28.70 mark. If the asset steadily climbs beyond this mark, it might trigger Injective to test the critical resistance above $33.
On the downside, if the uptrend of the asset fades, the nearby support might be found in the $22 range. If INJ fails to hold this level, it could lead to a steeper plunge and find its subsequent support at $17.64.
Moreover, the Moving Average Convergence Divergence (MACD) line has crossed above the signal line, inferring the positive sentiment. Moreover, the traders in the market often view this crossover as a buy signal.
The Chaikin Money Flow (CMF) indicator is likely positioned at 0.21, suggesting a positive money flow. The value indicates strong buying pressure and supports the continuation of an uptrend. In the meantime, INJ’s daily trading volume has surged by over 120%.
The current market sentiment of INJ is overbought as the daily relative strength index (RSI) is found at 79.90. Also, a pullback or correction could be imminent. The daily frame reveals the short-term 9-day MA above the long-term 21-day MA.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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