- INJ price completed the retracement phase from the supply mark of $10.
- Bulls willing to attain further higher marks in the upcoming sessions.
Injective Protocol ( INJ ) is forming a bullish pole & flag pattern on the charts, where the bulls prepare breakout, which will be executed in the upcoming sessions. However, after the continued surge in price, bulls were slowly decaying the gains, and the price met towards the support of $6.00, where buyers showed their presence and gradually accumulated to revert the trend again in favor of bulls.
Moreover, the price action showed that the lower high was near to break, and confirmation arose from there if bulls succeeded in sustaining above the 20-day EMA and the neckline of $7.00 in the following sessions.
Injective protocol preparing for a strong uptrend and willing to register the pole & flag pattern higher neckline above $7.00 to increase the momentum further and extend the buying pressure. Moreover, the price action indicates a certain bullishness with more upside in the near term.
The trajectory swings to $7.20 to be retested first in the upcoming sessions, and as per the Fib level, the upside towards $8.00 is that further marks will be rested again in the near term.
When writing, INJ trades at $6.60 with an intraday gain of 2.82% showing bullish indications. Moreover, the pair of INJ/BTC is at 0.000244 BTC, and the intraday trading volume increased by 5.50% to $42.14 million. The day high of INJ is $6.714, and the day low is $6.421. The market cap of INJ is $543.01 Million.
Will this surge further resumes?
On the daily charts, INJ price is trading near the trendline, and the pattern is near to activate, and the battle between the bulls and bears is now at an exciting stage where investors are waiting for the precise price direction to make new positions in the near term.
Moreover, the price supported the middle Bollinger band and formed a hammer candlestick, which was the sign that bulls activated the strength on that mark and showed their intention to meet the upside marks.
What Short Term Charts Reflecting?
On the 4-hour charts, INJ price has bounced from the support and completed the process of base formation near $6.00, where a strong demand zone was noted on the charts.
Furthermore, the price action rose in the past three trading sessions and cleared the intention to meet the higher ranges.
The RSI sharply rose towards the overbought zone, and a positive crossover was noticed on the curve.
The MACD indicator showed a bullish crossover in the past trading sessions and floated green bars on the histogram.
Conclusion:
INJ coin stayed above the 50-day EMA, suggesting an upcoming bullish trend.
Technical levels;
Support Levels: $44
Resistance Levels:$50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.