The crypto industry has witnessed multiple new all-time highs over the past week, indicating a strong bullish influence in the market. Bitcoin price has successfully recorded a new ATH of just over $73,000 within the past hour.
On the other hand, the Injective price has recorded a jump of over 15% within the past 24 hours, resulting in it achieving a new high. Further, the INJ token has added approximately 27% within the past seven days and 42.83% over the past 30 days.
Injective Price Records New All-time High!
The INJ price traded in a closed range between $32.47 and $36.04 for a brief period, indicating a weak price action for the coin. Following this, the price recorded a jump of 14.59% before facing rejection at the resistance level of $38.94, after which the price displayed a neutral trend for the next few days.
As the market volatility grew, the bulls lost momentum and recorded a correction of 16.61% over the next three days. After testing its low of $32.47, the bulls regained momentum and jumped approximately 47% over the next four days, indicating a bullish reversal in the market.
After trading in a consolidated range between $38.94 and $43.93 for a brief period, the Injective token recorded a correction of 17%. However, the bulls quickly regained momentum, resulting in a bounce back in the chart. Following this, the price continued trading in the consolidated range for the next few days.
Recently, the bulls regained momentum and recorded a jump of 34%, resulting in it successfully recording a new all-time high of $52.21. Since then, the price has been trading under a bearish influence.
The technical indicator, MACD, shows a constant decline in the histogram, indicating an increase in the selling pressure within the market. Moreover, the averages display a bearish curve, suggesting a negative price action for the INJ price in the coming time.
Will INJ Price Increase?
If the bulls display a bullish trend reversal in the chart, the INJ price will regain momentum and test its resistance level of $52.21 this week. Further, if the bulls maintain the price at that level, the Injective token will prepare to test its upper resistance level of $56 over the upcoming weekend.
Negatively, if the bears continue to overpower the bulls, the INJ token will lose momentum and test its support level of $46. Moreover, if the bulls fail to regain momentum, the price will continue trading under a bearish trend and test its lower support level of $43 in the coming time.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed