The price of Injective token (INJ) is currently stabilizing around $13.20 after a recent pullback from local highs. It is interesting to note that despite fluctuations, signs of recovery are observed.
Current Price and Supporting Factors
The token is trading around $13, supported by strong fundamental momentum. The addition of institutional staking provider BitGo to the validator set enhanced network security, instilling confidence during a key correction phase. Previously, the launch of Injective’s EVM testnet and integrations with Google Cloud and Deutsche Telekom triggered a ~15% rally, leading to increased developer activity and investor interest.
Technical Analysis and Trends
The current price action of Injective shows the token being confined within an ascending triangle. The recent rebound before hitting the ascending support suggests that the bulls hold significant dominance. Moreover, the 50/200-day MAs are about to undergo a bullish crossover along with the MACD, which is showing a drop in the selling pressure. These indicate that the price could maintain an ascending consolidation and reach the resistance threshold between $15.79 and $16.25.
Growth Prospects and Resistance
The Chainkin Money Flow (CMF) is dipping and has dropped from 0.23 to 0, indicating a drop in the money flow. However, the levels are printing consecutive higher highs and lows, which suggests a rebound could be on the horizon. Therefore, the Injective (INJ) price is believed to maintain a strong ascending trend and enter the crucial resistance zone anytime in the next couple of days. Once the price surpasses the zone, reaching above $20 may not be a tedious job for the INJ price rally.
Thus, the situation surrounding Injective (INJ) remains multifaceted. Observed technical signs and fundamental factors may facilitate growth, although potential risks remain.
