Injective (INJ) trades on a recovery mode following a massive rejection from the resistance at $43, which saw the artificial intelligence token losing around 30% of its value. The alt gained 8.77% over the past week.
INJ 7D Chart on Coinmarketcap
Meanwhile, on-chain metrics and bullish technical propel the current surges, increasing the probability of sustained gains.
INJ ready for extended upswings
Santiment data shows on-chain metrics in line with INJ’s anticipated rally. The AI token experiences rising social dominance with more mentions on social media sites.
INJ Price & Social Dominance on Santiment
Furthermore, the rising exchange outflow reduces the impact of selling momentum on INJ in the near term. Stats show subdued exchange supply, maintaining horizontal actions to reflect faded selling pressure.
Technical signals suggest Injective can jump 15% towards the hurdle at $43.51. First and foremost, the 50d, 100d, and 200d Simple Moving Averages offer crucial footing at $36.39, $26, and $16.88, respectively. That shows the path with few obstacles for INJ is the upside one.
Also, the Relative Strength Index remained northbound, indicating surging momentum after indicating a buy signal when INJ crossed beyond the signal line. Buyers picking this call would improve INJ’s price upticks.
Source – TradingView
Moreover, the MACD and Awesome Oscillator add weight to INJ’s bullish narrative.
Continued efforts by the bulls can propel Injective towards $43.52, a 15% rise. Further upsides would see the alt extending to reclaim the $45.30 range high to open the road towards the psychological mark at $50.
Meanwhile, traders can ruin Injective expected surges through profit-taking the gains made. That could see the alt plunging beneath the 50d Simple Moving Average to hit the support floor at $34. A close below this value area will annul the bullish case, likely pinning INJ at the psychological level of $31.
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