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As of today, the Injective token has seen an upward recovery of 2.64%. This was enough to make it the second most profitable coin of the day. The market has been experiencing consistent and moderate upside retracement. Let’s take a closer look at the market below.
INJ Statistics:
Injective Current Price: $15.72
Injective Market Capitalization: $1.54B
INJ Circulating Supply: 98.97M INJ
Injective Total Supply: —
INJ CoinMarketCap Rank: 58
Key Price Levels:
Resistance: $16.00, $20.00, $24.00
Support: $12.00, $8.00, $4.00
Injective Market Tests a Promising Technical Mark
INJ has been steadily retracing higher ground on the daily chart. However, this upward retracement appears to be nearing a key technical landmark. This is evident as the current session’s price candle is now testing the 20-day Moving Average (MA) line from below.
Additionally, the mentioned price candle remains green, reinforcing the impression that bullish momentum is prevailing in this session. Furthermore, the Stochastic Relative Strength Index (RSI) curves are rising smoothly into the overbought region, having reached the 80 mark. This suggests that the upward retracement may continue past the 20-day MA line.
INJ Maintains a Promising Short-Term Outlook
Extending the price analysis to the 4-hour Injective market, one can observe that the market maintains a promising short-term outlook. On this price chart, price action has risen past the 20-, 50-, and 100-day MA lines. Additionally, the most recent price candle is positioned just above the 100-day MA line.
Although the mentioned price candle appears compressed, the fact that it remains green and above the 100-day MA line suggests that price action still appears stable. Meanwhile, the Stochastic RSI lines have a sideways trajectory while the market has shown slight progress. This hints that market forces may be preparing to push the price further through the $16.00 level and toward $18.00.
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