The INJ token of the Injective network, focused on decentralized financial applications, is gaining renewed investor attention with notable price increases.
Current Market Situation of INJ
The INJ token has surged 4.24% with a high trading volume (+54.59%) in the last 24 hours. Currently, it is trading at $12.02 according to CoinMarketCap.
Bullish Pattern on the Chart
Charts reveal a large bullish wedge forming on the weekly timeframe. The token has previously tested the upper resistance line but failed to break it. The current $11 zone is witnessing efforts from bulls to gain control.
Prospects for INJ Growth
There are signs of potential bullish momentum, as open interest has increased by 1.67%. Positive signals are also coming from the MACD and moving averages. A breakout above the $21 level could trigger an upward trend for the token.
While the current dynamics of INJ show signs of bullish sentiment, investors should closely monitor trading volumes and open interest before making decisions.
