11 Jun 2024 Anthony Lehrman
INJ Price Rallies Amid A Bearish Retraction In The Crypto Sector
Despite the daily trend being sideways, indicating a bullish reversal in the underlying attitudes of the altcoins, the INJ price is exhibiting a recovery rally that is picking up steam as the overall market improves.
The altcoin has enormous upside potential because it is currently trading at a 45% discount when compared to its all-time high. Will the Injective protocol's upward trend continue past $30?
The price of INJ, which has a $2.62 billion market capitalization, has risen by 3% over the past day. Additionally, the 17% increase over the previous 30 days shows a strong recovery rally that is picking up the pace.
Source: CoinMarketCap
Additionally, an inverted head-and-shoulder pattern with a neckline at $30 is visible in the price action and technical analysis of INJ. This pattern points to a potential bullish trend for the injective protocol.
With a 3% intraday gain, the altcoin is currently trading at $27.93, hinting at a bullish breakout today. Should the upward trend continue to surpass $30, sideline traders may experience a significant increase in the upcoming days.
The INJ price can continue its uptrend with significant momentum if buyers keep the trend under control and keep the price above $30. Furthermore, the altcoin may hit the $40 mark at the 61.80% Fibonacci level following the bullish breakout of the inverted head and shoulder.
Conversely, should the bears maintain their control around the $30 neckline, the recovery rally will falter and may even drop as low as $21, which serves as support.
Price predictions for 2024
The Injective Coin price forecast indicates that by 2024, the average price of the INJ Coin might be approximately $54.23, with a maximum price potential of $60.80. Conversely, the Injective Coin's minimum price level might drop to $47.61. Furthermore, the demand for INJ is anticipated to rise sharply in the upcoming years due to the uptick of decentralized applications (DApps) constructed on top of the Injective platform.
2025 Injective (INJ) Price Forecast
Demand for the Injective platform is predicted to increase even more as more sectors and companies begin to recognize the potential of blockchain technology. By the end of 2025, experts are predicting that the INJ Coin's maximum price will be $93.67, with an average price of perhaps $85.46. The price of INJ Coin may fall to $77.24, the lowest level if there is a significant bearish trend in the cryptocurrency market. Nonetheless, a consistent value growth is anticipated due to the Injective platform's ongoing innovation and development.
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