Recently, the cryptocurrency Injective Protocol (INJ) emerged from a downtrend and showcased recovery, attracting interest from both retail and institutional investors.
Technical Recovery Signals of INJ
INJ has swiftly reacted to critical support and resistance levels. Currently, the price hovers around $11.44, with a potential target near $14.80. Analysts anticipate further growth of 30-35%, but sustained trading volumes and buying interest are essential.
Strong Interest from Large Investors
Currently, the circulating supply of INJ stands at 97.7 million tokens out of a total supply of 100 million, indicating low inflation risk. The trading volume over the past 24 hours was $83.32 million, despite an 18.2% decrease. Futures remain at $219 million, indicating interest from institutional investors.
Technical Indicators and Their Impact on Price
The RSI indicator is at 62, signaling positive price pressure. However, the MACD points to a potential bearish crossover, suggesting a halt in momentum. Nonetheless, the current market state and high volatility suggest further growth is possible if current support levels hold.
Interest in Injective Protocol (INJ) continues to grow among both retail and institutional investors. Technical indicators suggest further recovery may be on the horizon, but monitoring overall market conditions is crucial.
