Injective(INJ)brieflysurgedtoa16-dayhighof$23.09onThursday,followingitslistingonSouthKorea’sleadingcryptoexchange,Upbit.Sincethen,thepricehascorrectedby7%andisnowtradingat$21.28.
Despitethepullback,bullishsentimentaroundthisLayer-1(L1)coinremainsstrong.INJispositionedtoretestthisrecenthighandpotentiallyrallybeyondit.Thisanalysisdelvesintowhatinvestorscanexpectasmomentumbuilds.
InjectiveHasUpbitToThank
InaThursdayannouncement,UpbitrevealedthatitwillsupportINJtradingonitsplatformacrossbothKoreanWon(KRW)andUSDTmarkets.Thisimmediatelypromptedasurgeinthecoin’stradingactivity,pushingitspriceto$23.09,itshighestsincethebeginningofOctober.
Althoughtheuptickwasbrief,andINJnowtradesat$21.28,INJ’stechnicalsetupsuggeststhatitmayreinitiatetheuptrend,reclaimthishigh,andevensurpassit.Readingsfromitsmovingaverageconvergence/divergence(MACD)confirmthisbullishoutlook.
Asofthiswriting,thecoin’sMACDline(blue)ispositionedaboveboththesignalline(orange)andthezeroline.TheMACDindicator,whichtrackspricetrendsandmomentum,helpsidentifypotentialbuyorsellsignals.
INJMACD.Source:TradingView
Thissetupindicatesastrongbullishtrend,suggestingthatmomentumispositiveandtheassetisinanuptrend,withtheshort-termaveragenotablyhigherthanthelong-termaverage.
Further,INJ’sopeninteresthasspikedby19%overthepast24hours,reflectingtheuptickinitsmarketactivity.Asofthiswriting,thisstandsat$95.17million.
Anasset’sopeninterestrepresentsthetotalnumberofoutstandingderivativecontractsthatremainunsettledoropen.InINJ’scase,therisingopeninterestaccompanyingitspricesurgesuggeststhatnewcapitalisenteringthemarket,withtradersactivelytakingpositions.Thisisasignofastrengtheningbullishtrend.
INJOpenInterest.Source:Santiment
INJPricePrediction:WhytheBullsAreNeeded
The$22.01levelservesasakeyresistanceforINJ,withthecoincurrentlytradingat$21.28,justbelowthismark.Ifbullishmomentumpersists,breakingabovethisresistancecouldtriggera54%rally,potentiallypushingthepriceto$33.38—alevellastseeninJune.
INJPriceAnalysis.Source:TradingView
Ontheotherhand,ifprofit-takingintensifies,INJcouldfallto$15.79.Failuretoholdthissupportmayresultinafurtherdecline,withthepricepossiblydroppingto$13.50.
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