Despite the pullback, bullish sentiment around this Layer-1 (L1) coin remains strong. INJ is positioned to retest this recent high and potentially rally beyond it. This analysis delves into what investors can expect as momentum builds.
In a Thursday announcement, Upbit revealed that it will support INJ trading on its platform across both Korean Won (KRW) and USDT markets. This immediately prompted a surge in the coin's trading activity, pushing its price to $23.09, its highest since the beginning of October.
Although the uptick was brief, and INJ now trades at $21.28, INJ's technical setup suggests that it may reinitiate the uptrend, reclaim this high, and even surpass it. Readings from its moving average convergence/divergence (MACD) confirm this bullish outlook.
As of this writing, the coin's MACD line (blue) is positioned above both the signal line (orange) and the zero line. The MACD indicator, which tracks price trends and momentum, helps identify potential buy or sell signals.
This setup indicates a strong bullish trend, suggesting that momentum is positive and the asset is in an uptrend, with the short-term average notably higher than the long-term average.
Further, INJ's open interest has spiked by 19% over the past 24 hours, reflecting the uptick in its market activity. As of this writing, this stands at $95.17 million.
An asset's open interest represents the total number of outstanding derivative contracts that remain unsettled or open. In INJ's case, the rising open interest accompanying its price surge suggests that new capital is entering the market, with traders actively taking positions. This is a sign of a strengthening bullish trend.
The $22.01 level serves as a key resistance for INJ, with the coin currently trading at $21.28, just below this mark. If bullish momentum persists, breaking above this resistance could trigger a 54% rally, potentially pushing the price to $33.38 — a level last seen in June.
On the other hand, if profit-taking intensifies, INJ could fall to $15.79. Failure to hold this support may result in a further decline, with the price possibly dropping to $13.50.
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Disclaimer
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