Injective Price Plunges 52% Since ATH! Will INJ Price Ever Recover?
The post Injective Price Plunges 52% Since ATH! Will INJ Price Ever Recover? appeared first on Coinpedia Fintech News
After trading under a bearish sentiment for over a week, the INJ price has recorded a bullish jump of 11.97% within the past 24 hours, highlighting a bullish reversal for the altcoin in the crypto industry. However, the bulls lost momentum at the $28 mark, resulting in its price leveling all its gains from the pump.
The INJ token displayed a significant uptrend over the past few weeks by adding over 40% to its portfolio. However, after recording a new ATH at $52.75, the bulls lost momentum, and the price erased all its gains from the year’s pump. Furthermore, its Year-to-Date (YTD) stands at -28.08%.
INJ Price Hints At A Bullish Reversal!
The Injective price displayed a neutral trend by trading in a consolidated range between $30.55 and $43.35 until the second week of March. Following this, the bulls gained momentum, broke out of the resistance level, and jumped 31.54% in valuation, resulting in the INJ price recording a new ATH.
After this, the bulls lost momentum and recorded a correction of 50.36% over the next 33 days. Further, its price is constantly hovering close to its important support level at $23.36 with its EMA 200-day acting as a resistance to the price action, indicating a mixed sentiment in the crypto space.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a decrease in the selling pressure within the crypto market. Moreover, the averages show a high potential for a bullish convergence, suggesting the price may experience increased price action in the coming time.
How High Will Injective Price Go?
If the market holds the price above the support level of $23.36, the bulls will regain momentum and prepare to test its resistance level of $30.55. Furthermore, if the bulls maintain the price at that level, it will further rise and prepare to test its upper resistance level of $36.35 during the upcoming week.
However, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $18.50 this month.
