Injective (INJ) Price Prediction – When will INJ hit $25?

In the summer of 2023, the Injective platform's noteworthy initiatives attracted attention. In May, the platform introduced its own hackathon, a move that had the potential to pique the interest of the cryptocurrency industry as a whole.

This event coincided with the remarkable performance of the network's INJ coin in 2023, which increased in value by more than threefold despite encountering some obstacles.

Injective is a purpose-built blockchain that operates in the DeFi domain. It enables users to build their own decentralized applications (dApps) and generate their own cryptocurrency tokens.

In addition to being a DeFi blockchain, Injective functions as a cryptocurrency exchange. This makes it a platform where individuals can buy, sell, and trade various cryptocurrencies and participate in the trading of crypto derivatives.

The injective platform utilizes order books to facilitate transactions and establish prices. In addition, the system possesses cross-blockchain capabilities, allowing it to establish connections with Ethereum (ETH), Polygon (MATIC), and Solana (SOL).

Injective's operational framework uses a Proof-of-Stake consensus mechanism. Based on their INJ holdings, this mechanism selects individuals to validate transactions and add blocks to the blockchain.

Let’s see the Injective (INJ) Price Prediction from the INJ/USDT technical analysis:

INJ/USDT Ignores The BTC Crash

The broader cryptocurrency market seems to face strong pressure from the recent BTC/USDT crash, but there is an exception for the INJUSDT token. Despite the selling pressure, this token is trading 16% higher from the weekly bottom, while the broader market direction is strongly bullish.

In the higher timeframe, the buying pressure is supported by the shooting star candlestick formation in the monthly time frame, which is often used as a trend continuation pattern. Also, the weekly timeframe shows a similar price behavior as the current W1 price trades sideways after a bull run. As per the market context, a corrective price behavior after an impulse could result in a trend continuation after a solid price action formation. Based on this behavior, we may expect a bullish continuation in the INJ/USDT price, which needs a proper bullish rejection from the near-term bottom.

Let's see the volume structure before moving to the daily price action. As per the current finding, the 8.00 level would be a significant barrier to bulls. This static price level came as the highest trading volume level since July high and June low, making it significant. Therefore, a bullish breakout from the high volume level could be a potentially bullish signal in this pair, with a trend continuation momentum.

Today's daily Injective price is struggling to hold the buying pressure above the 20-day EMA, while the 100 SMA is backing up as a support. Moreover, the current RSI hovers at the 50.00 line, which suggests a corrective price action.

Based on the daily Injective Protocol Price Prediction, a bullish break from the current descending channel could be a conservative buying approach, targeting the 10.00 level. On the other hand, breaking below the 7.00 level could initiate a consolidation before offering a trend trading opportunity.

INJ/USDT Ichimoku Cloud Analysis

In the H4 Injective Price Prediction, the price shows a different story where the recent bullish breakout above the Kumo Cloud zone failed to form with proper validation. In that case, any downside correction might signal a sellers’ presence in the market, leading to a trend change.

In the future cloud, the Senkou Span A and B remain closer, which signals indecision. Moreover, the Traders Dynamic Index shows an overbought condition, where the current TDI level remains at the upper band area.

Based on the H4 structure, the broader outlook is corrective, and a bearish pressure below the Kijun Sen support could be a potential short opportunity in this pair. On the other hand, an immediate buying pressure with an H4 candle above the 8.300 level could increase the possibility of testing the 9.600 level.

INJ/USDT Intraday Price Action Analysis

In the H4 chart, bullish exhaustion is seen at the 6.607 support level, which could result in a strong trend change. However, the current price faces resistance from the visible range high volume level, which must be overcome before forming a trend.

The current MACD Histogram is bullish in the indicator window, while MACD lines show an upside pressure. The 20 EMA is below the price and works as a primary barrier for sellers.

Based on the Injective (INJ) Price Forecast, A bearish pressure and an H4 candle below the 20 EMA could be a short opportunity in this structure, targeting the 6.60 level. On the other hand, a bullish recovery above the 8.300 level could validate the exhaustion and resume the trend toward the 10.00 level.

Is INJ/USDT A Buy?

Based on the current INJ Forecast, INJ/USDT has the potential to bull as the current price is moving higher and backed by a stable trend. However, the trend continuation needs to overcome the high volume level, and investors might expect a decent upside pressure after this.

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