2024

Injective

Sherpa

Million

Momentum

<ul class="list-ic vertical">
 <li>1 <a>Injective crypto price flipped back from the demand zone of $20.</a></li>
 <li>2 <a>INJ token has a potential to retain the 52 week high mark soon.</a></li>
</ul>
The Injective (INJ) token has revamped from the lower bottom mark of $20 and rose over 30% this week. INJ token has crossed the 20,50 and 200 day EMA mark and is eyeing to cross the $30 mark.
For weeks, the token was in a drop, reflecting a steady selloff, which eroded over 22% of gains last month. Meanwhile, the base buildup was done and the token is all set for a sharp reversal ahead.
At press time, INJ traded at $28.58 with an intraday surge of 12.10%, reflecting strong buying momentum on the charts. It has a monthly return ratio of -4.30% and 320.39% yearly.
The pair of INJ/BTC is at 0.000403 BTC, and the market cap is $2.69 Billion. Analysts are neutral and suggest that if the token exceeds the $30 mark, it will sharply skyrocket gains ahead.
<h2 class="wp-block-heading" id="strong-can-injective-inj-succeed-to-cross-30-mark-strong">Can Injective (INJ) Succeed to Cross $30 Mark?</h2>
The daily charts of the Injective token signifies fresh buying momentum and is on the verge to register a double bottom pattern. Meanwhile, the correction has ended and buyers have entered into the battle.
A break and close above the $30 mark would validate the significant trend reversal and will likely retain the $50 mark. <iframe loading="lazy" title="Santiment Chart: Price (INJ), Volume (INJ)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=aptos&amp;pt=APT&amp;df=2023-11-21T18%3A29%3A59.663Z&amp;dt=2024-05-21T18%3A29%3A59.663Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Binjective-protocol%3BINJ%5D%3B%5B1%3Bvolume_usd%3Binjective-protocol%3BINJ%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
Per the price action, the INJ token has replicated signs of trend reversal and may reflect a massive bounce ahead. As majority of the key metrics have turned bullish, INJ has a potential to outperform in the coming sessions.
The Momentum Indicator (Relative Strength Index) spiked to the overbought zone and depicted a positive crossover on the charts.
Even prominent analyst @Altcoin Sherpa has given their belief in their recent tweet that,<a href="https://www.thecoinrepublic.com/2024/05/03/injective-price-prediction-is-inj-a-safe-buy-now-after-20-fall/" target="_blank" rel="noopener noreferrer nofollow"> Injective token</a> is at an interesting level and readying to break the trajectory hurdle of $30.
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24INJ&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$INJ</a> actually could be interesting. Chopped around for a LONG ass time, half a year. Went -50% in the bear market, had a lot of consolidation and then turbo sent. I dunno though, so many of these alts just don't look great. Don't want to be a bear poster overall but yeah <a href="https://t.co/XijrY1Qcn1" rel="noopener noreferrer nofollow">https://t.co/XijrY1Qcn1</a> <a href="https://t.co/J83YiRnQ7l" rel="noopener noreferrer nofollow">pic.twitter.com/J83YiRnQ7l</a>— Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1792626706588602709?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 20, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: Twitter
<h3 class="wp-block-heading" id="strong-volatility-and-sentiment-turned-green-bull-rally-imminent-strong">Volatility and Sentiment Turned Green, Bull Rally Imminent?</h3>
Following the sudden rise in the token price, the volatility curve sharply rose over 33.56% to 0.613 mark, revealing sharp buying activity. <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (INJ), Price Volatility 1d (INJ)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=aptos&amp;pt=APT&amp;df=2023-11-21T18%3A29%3A59.663Z&amp;dt=2024-05-21T18%3A29%3A59.663Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Binjective-protocol%3BINJ%5D%3B%5B1%3Bprice_volatility_1d%3Binjective-protocol%3BINJ%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
Source: Santiment
This week, a massive rise in the weighted sentiment data signifies the bullish sentiment among investors. Likewise, the token replicated the investor speculation and positive outlook for the upcoming sessions.
<h3 class="wp-block-heading" id="strong-massive-long-additions-activity-in-futures-data-strong">Massive Long Additions Activity in Futures Data</h3>
This week, investors have shown their interest and made fresh long positions, as they are looking confident and the token triggers the bull rally ahead.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="231" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-263-1024x231.png" alt="" class="wp-image-206363" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-263-1024x231.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-263-300x68.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-263-768x173.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-263-750x169.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-263-1140x257.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-263.png 1451w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
Source: CoinGlass
The open interest activity spiked over 10.24% to $120.63 Million in the last 24 hrs, signifies the upcoming bull run is on the horizon. The immediate support levels for the Injective token is $25 and $20 whereas the key upside hurdle is around $30, followed by $32.
<h4 class="wp-block-heading">Conclusion</h4>
The Injective (INJ) token price displayed a sharp uptick over 12% intraday and has gained momentum. Moreover, the price action hints the bull accumulation and multiple bullish indications were depicted on the charts.
<h5 class="wp-block-heading">Disclaimer</h5>
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;

Injective (INJ) Regained Momentum: Could It Retain $50 Mark?

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