Injective (INJ) bulls rally to new 52-week high amidst volatility, with potential for gains, but caution is advised as indicators suggest overbought conditions.
- Injective (INJ) bulls rebound to new 52-week high despite intra-day dip.
- MACD crossing suggests possible buying opportunities in the INJ market.
- Caution is advised as the INJ market may be overbought and indecisive.
Despite being optimistic at the start of the day, Injective (INJ) bulls surrendered to the bear rule, which effectively retraced the price to an intra-day low of $8.48. Despite this pessimism, bulls quickly rallied, sending INJ’s price to a new 52-week high of $9.6138 within hours. This positive trend persisted until press time, with INJ trading at $9.21, a 3.37% increase from its previous closing.
If the positive trend in INJ continues and it breaks above the $9.6138 resistance level, the next possible price target might be around $10.50. However, if it fails to break through the resistance level, a reversal toward the $8.50 support level is possible.