In a volatile market, the bulls and bears of Injective (INJ) have been battling it out. Despite an optimistic start to the day, the bears took control, causing the price to drop to an intra-day low of $8.48. However, the bulls quickly regained their footing, driving the price up to a new 52-week high of $9.6138 within hours. This positive trend has continued, with INJ trading at $9.21 at press time, a 3.37% increase from its previous closing.
If the positive trend continues and INJ breaks above the $9.6138 resistance level, the next possible price target could be around $10.50. However, if it fails to break through the resistance level, a reversal towards the $8.50 support level is possible.
During the market’s bull-bear swings, market capitalization and 24-hour trading volume rose by 3.27% and 19.77%, respectively, to $738,415,139 and $207,716,242. This suggests that investors are actively trading and profiting from market changes, showing high volatility and profit potential in the INJ market.
The MACD blue line on the 4-hour price chart has risen above the signal line at 0.6301086, while the signal line reaches 0.5532934. This bullish crossing offers a possible purchasing opportunity for traders as it shows a change in momentum towards an upward trend. If the MACD line continues to rise above the signal line and the histogram bars begin to grow, it may confirm the strength of the upward trend and support a buy signal.
However, the stochastic RSI reading of 82.45 indicates that the INJ market may be overbought and ready for a possible correction. Therefore, traders should take caution and consider taking profits or applying a stop-loss plan to safeguard their gains.
On the INJUSD 4-hour price chart, the Chaikin Money Flow score of 0.05 indicates that the bullish potential is weak and that buying pressure is insufficient for a significant price rise. This closeness to the zero line shows that the market may be indecisive, and traders should proceed carefully while making trading choices.
The positive momentum in the INJ market may continue in the near term, with a Fisher Transform reading of 2.86 and movement above its signal line. However, traders should watch for any possible trend reversals or market swings. This caution is due to the stochastic RSI score being over 80 and the CMF being close to the zero line, which may imply overbought circumstances and a likely weakening of the positive trend.
Investors are actively trading INJ as it rises to new highs and presents potential profit opportunities. However, caution is advised as overbought indicators may signal a possible correction. As always, readers should do their research and due diligence before making any investment decisions.
In summary, the INJ market has seen a battle between bulls and bears, with the bulls currently in control. The market has shown high volatility and profit potential, with investors actively trading in response to market changes. While the positive trend may continue, caution is advised due to overbought indicators, and traders should proceed carefully when making trading choices.