Will Injective’s bullish momentum continue?
The price of the Injective (INJ) asset has been rising, resulting in price increases since May 28th. This trend indicates that investors have a positive sentiment, with more buyers entering the market and increasing prices.
However, the general uncertainty around the price of the cryptocurrency market has led to speculations about whether this momentum will continue.
Assessing The Potential For Sustained Momentum
The bullish sentiment in the INJ market has had a positive effect on its price, resulting in an 8.78% increase in the last 24 hours. Additionally, buyers have maintained this momentum, resulting in a 8.56% surge in the 7-day trading period.
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Based on CoinMarketCap data, the asset’s current price is $7.41 at the time of writing. The asset’s 24-hour trading volume and total market cap show positive market participation, with an increase of 200.36% and 9%, respectively.
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INJ has maintained its uptrend movement by forming higher highs and lows. This formation indicates that INJ’s price is under bullish control and the demand is growing rapidly.
Furthermore, the asset trades above the trendline, which may be considered a trendline support for investors and traders. This positive sentiment may attract more investors and increase prices.
Recent Bullish Fundamentals
Recently, there have been many partnerships and initiatives around the Injective ecosystem. This has resulted in bullish sentiment and price gains for INJ.
On May 24th, Injective announced the launch of the first IBN-enabled SVM Rollup with their partner, Eclipse, on their page. This initiative will enable Solana developers to seamlessly interact and build with Injective and the broader Cosmos universe.
The INJ team made this announcement on May 13th, 2023, stating that anyone interacting with dApps built on INJ or L1 Chain may receive an NFT. The surprise NFT announcement boosted the bullish momentum in the market.
Bollinger Bands & MACD Signals Bullish Momentum
The asset is currently trading above the upper band of the Bollinger Bands Indicator. This suggests a bullish movement and a potential buy signal for investors and traders.
It is important to note that an asset above the upper band implies that the price has moved to an extreme or overbought level.
In addition, the Moving Average Convergence/Divergence (MACD) is currently above the signal line suggesting a bullish sentiment. This indicates that the buying pressure outweighs the selling pressure.
The INJ price trades above the 50-day and 200-day Simple Moving Averages (SMA), indicating bullish sentiment. The price above both SMAs implies that the asset is under bullish pressure and a potential long-term bullish trend.
Also, a Demand Index reading of 0.170 suggests positive buying pressure in the market. This indicates that the buying pressure is relatively stronger than the selling pressure.
Featured image from Pixabay and chart from Tradingview