Rally

Injective

Stride

Bitcoin

Time

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/IpeEEifg-e1702384356816.png" class="attachment-full size-full wp-post-image" alt="INJ Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Injective Price Prediction: Defying the <a href="https://coingape.com/bitcoin-all-time-high-surge-similar-to-historic-run-in-2021/">broader market sentiment</a> of uncertainty, the Injective coin entered a strong recovery mode from the second week of December. Amid this rally the coin surged from $16.63 to a recent high of $25, registering a growth of 67.48% in a week. This upsurge is likely influenced by the increasing social media activity for the injective protocol(INJ) and the formation of a bullish reversal pattern called a rounding bottom. Will the current recovery surpass $30? 
Also Read: <a href="https://coingape.com/bitcoin-all-time-high-surge-similar-to-historic-run-in-2021/">Bitcoin’s Stride For Making All Time High Is Similar To Historic Run In 2021</a> 
<h2 id="b-is-inj-ready-for-a-rally-to-30-b">Is INJ Ready For a Rally to $30?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A significant rise in social media buzz around Injective Protocol (INJ) indicates the escalating interest in the project</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the wounding pattern should intensify the buying pressure for a rally past $30.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in INJ is $10.2 Billion, indicating a 78% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/i/IpeEEifg.png" alt="Injective Price Prediction" width="1946" height="1104">
 <figcaption class="wp-caption-text">
 Injective Price Prediction | TradingView Chart
 </figcaption>
</figure> 
The injective protocol coin has been on a recovery trend since the beginning of 2023. Starting the year at $1.25, the coin pair has surged to a current trading price of $26.4, registering a 41 rally.&nbsp; 
However, a technical chart shows this parabolic growth is developing into a rounding bottom pattern, which is commonly spotted at the market bottom to signal a trend reversal. Moreover, the recent data from <a rel="nofollow" href="https://x.com/alphascan_xyz/status/1734162698957443468?s=20">AlphaScan</a>, as of December 11, indicates a significant uptick in social media discussions about Injective Protocol (INJ).&nbsp; 
<blockquote>
 This heightened chatter has placed INJ in a prominent position, becoming the second most talked-about token on social platforms, just behind Bitcoin (BTC). This increase in online discussions has elevated INJ’s visibility and formation of a rounding bottom pattern and bolstered this altcoin’s higher growth.&nbsp;
</blockquote> 
With an intraday growth of 10%, the coin price gave a bullish breakout from the $25.4 neckline <a href="https://coingape.com/glossary/rounding-bottom-pattern/">Rounding Bottom Pattern</a> signaling an early sign of trend reversal. With sustained buying the INJ price could rise to a $50 psychological level. 
<h2 id="b-should-you-buy-inj-at-25-dip-b">Should You Buy INJ at $25 Dip?</h2> 
Amid the recent rally, the injective coin has witnessed occasional pullback to recuperate its exhausted Bullish. Interestingly, this correction has mainly found support around the 38.2% or 50% Fibonacci retracement level which is a healthy commitment to a long-term rally. Thus, the anticipated rally could witness a minor pullback and the traders can remain bullish with the aforementioned levels intact. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Direction Index: The ADX slope at a high of 0.29. Looks like buyers would have sufficient momentum to lead a stronger recovery.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: the 20-and-50 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>, has continued to offer strong pullback support to this asset.</li> 
</ul> 
The post <a href="https://coingape.com/markets/injective-price-prediction-whats-next-for-inj-after-67-surge/">Injective Price Prediction: What’s Next for $INJ After 67% Weekly Surge?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Injective Price Prediction: What’s Next for $INJ After 67% Weekly Surge?

Table of Contents

Coingape News Media

Other articles published on Dec 12, 2023

Latest Crypto Trends – Bitcoin Surges Near $44,000 and Is a Bitcoin Bull Run on the Horizon?

Do Kwon’s Detention Extended in Montenegro!

AVAX Outperforms Bitcoin, Credits Success to Major Partnerships

Bankman-Fried’s Defense Lawyer Breaks Silence: “Almost Impossible” Case and Unheeded Advice

Oracle Tumbles 9.5% as Q2 Revenue and Q3 Guidance Miss the Mark

IRS Tax Bill Jeopardizes Creditors: FTX Signals Delay in User Fund Recovery

Join our free newsletter for daily crypto updates!