Injective (INJ), a decentralized exchange (DEX) protocol, is sparking excitement in the cryptocurrency market as analysts predict a potential price rise. The token has been under the watchful eyes of analysts, with many anticipating a significant upward move in its value.
Related reading
Technical indicators are flashing bullish signals for the injection
Injective's recent price action has caught the attention of market watchers, specifically the bullish breakout from a falling wedge pattern. This pattern is often seen as a sign of a reversal of downward trends, and a successful breakout of Injective indicates a potential shift in market sentiment towards the token.
Jonathan Carter, a famous cryptocurrency analyst, said that the breakout from the falling wedge is a welcome sign for Injective investors. He said that this technical indicator often precedes price rises, and in the case of INJ, we see several upside targets that could be reached in the near future.
Injective is currently trading at $23. Chart: TradingView
Carter outlined a series of potential price milestones for Injective, ranging from $27 to $44. Each target represents a starting point in the potential rise of INJ's price, and analysts are closely monitoring the token's performance to see if these targets can be achieved.
Injective broke the falling wedge pattern and is now retesting the falling resistance line 👀
Upside targets after a bounce from this line are $27.0, $30.0, $36.5, $39.5, and $44.0🎯 pic.twitter.com/prwGdIKOs9
– Jonathan Carter (@JohncyCrypto) May 11, 2024
The analyst community supports Injective's bullish outlook
To make matters worse, other cryptocurrency analysts echoed Carter's optimistic outlook on Injective. World Of Charts, another popular cryptocurrency analyst, acknowledges the recent breakout of INJ but stresses the need for a confirmed rally after a bearish channel. However, their forecast is in line with Carter's, suggesting a significant price increase is on the horizon, with a target of $50.
The pair is still consolidating in the descending channel in the event of a successful breakout, expected to move towards the $50 level #encryption #ang #Indian pic.twitter.com/pZIO7iZXov
– World of Charts (@WorldOfCharts1) May 11, 2024
Strong trading volume boosts INJ's momentum
Technical indicators aside, the positive sentiment surrounding Injective is supported by its strong trading volume. Currently, INJ boasts a 24-hour trading volume of $252 million, indicating healthy market activity and investor interest. This strong volume indicates that investors are eager to get their hands on INJ, which could send the price higher.
Related reading
Syringe: A look ahead
While the future remains uncertain, the combined factors of bullish technical indicators, strong trading volume, and overall positive sentiment from analysts paint a promising picture for Injective. Investors are eagerly awaiting further confirmation of a price breakout, and if successful, Injective could be poised for a significant price increase in the coming months.
Featured image from Dubizzle, chart from TradingView