Injective (INJ) experienced a boost in investor confidence after the announcement that NFT financialization will be coming to the platform. This resulted in a surge in INJ’s price from its 7-day low of $6.46 to an intra-day high of $7.24 at press time. Traders are optimistic about a prolonged bullish run, with INJ’s market capitalization and 24-hour trading volume increasing by 9.06% and 41.15% respectively, to $579,602,154 and $134,061,491.
Should the positive momentum continue, the next resistance level for INJ is $8.00, which could attract more buyers and push the price higher. On the INJ/USD price chart, the Relative Strength Index (RSI) rating of 57.53 suggests that the bullish momentum is stronger than the bearish momentum, but not yet overbought. This indicates that there is still room for growth before reaching the overbought area of 80, making it a potential profit opportunity for traders.
The Fisher Transform score of 2.36 also predicts that the bullish rise in INJ is likely to continue, making it an attractive purchase for traders looking to profit from the uptrend. The Money Flow Index score of 51.27 supports the “buy” suggestion, indicating that there is more purchasing pressure in the market for INJ than selling pressure. The Rate of Change value of 7.59 further suggests that the momentum of INJ’s price growth is likely to continue, making it an exciting investment possibility.
Overall, INJ’s bullish momentum is on the rise, presenting potential profit opportunities for traders with the token’s NFT financialization and positive technical indicators. However, readers should do their research and due diligence before taking any action, as any investment carries risks. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss resulting from any action taken by the reader.