Price action in the Injective daily market has managed to stay on a clear upward path for an extended period. Today, the coin has registered an additional price growth of 0.75%. As such, price action in this market has rebounded off an important technical baseline. Let’s see what may happen in this market shortly below.
INJ Statistics
Current Price: $14.28
Market Capitalization: $1.42B
Circulating Supply: 99.97M
Total Supply: 100M
CoinMarketCap Rank: 58
Key Price Levels
Resistance: $15.00, $17.00, $19.00
Support: $14.00, $12.00, $10.00
INJ/USDT Buyers Preserve Uptrend Integrity
As observed recently, price activity in the Injective daily market has been steadily retracing higher levels. As a result, price activity has remained mostly above the middle line of the Bollinger Bands. The last price candle on this chart appeared green as the market tested the middle Bollinger Band as a support level.
Similarly, the Bollinger Bands themselves have maintained an upward trajectory. Meanwhile, the Smoothed Rate of Change (SROC) line remains above the equilibrium level. However, the terminal end of this line is pointing downward toward the equilibrium, likely due to the market having strongly rebounded downward in the previous session.
Injective Sees a Rejection but Stays Generally Afloat
Looking at the INJ/USDT market on a 4-hour chart, the price action currently shows a short-term outlook. The market has recently rebounded off the lower limit of the Bollinger Bands. Moreover, price action appears to be steadily gaining upside momentum as trading progresses.
However, the most recent price candle remains below the middle band of the Bollinger Indicator. The Bollinger Band lines are still positioned above the equilibrium level and seem to be moving sideways in response to recent price movements.
Therefore, traders may anticipate that this market could reach the $15.50 price level in the near term.
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