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Cryptocurrencies: Injective plunges 60% from its last peak: Analysis of June 13, 2024
While Injective had the wind at its back throughout 2023, the cryptocurrency faced a bearish move that sent it spiraling into oblivion. Let’s examine the future prospects of INJ together.
Injective price situation (INJ).
After reaching its all-time high in 2021, Injective has consolidated in a range between $30 and $45. Shortly after, a bullish move marked a new all-time high for INJ at $53. Following this movement, the Injective price dropped to $19. Since then, it appears the cryptocurrency has attracted buyer interest, pushing it back above the POC seen since the last drop.
As of this writing, INJ is trading near $30. It therefore appears that a bullish reversal is underway. This is all the more plausible as the medium-long term trend of the cryptocurrency remains bullish, despite its moving averages not being convincing. We can in fact notice that the Injective price is not higher than the latter. Furthermore, it is clear that the 50-day and 200-day moving averages have formed a “death cross,” a phenomenon seen as a bearish trend reversal. Fortunately we can be reassured by the dynamics of Injective, which seems to be recovering, as demonstrated by the oscillators and its price itself.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today a trainer at Family businessa community of thousands of proprietary traders active since 2017. You will find lives, educational content and mutual support on the financial markets in a professional and friendly atmosphere.
The Injective Price Hypotheses (INJ).
- If the Injective price remains above $23, a bullish recovery could be expected up to $35, or even $40. The next resistance to consider would therefore be the ATH Injective at $53. At this point, that would represent an increase of more than 77%.
- If the Injective price fails to remain above $23, a return to around $20, or even $18 could be expected. The next support to consider, if the bearish movement continues, would be around $16. At this point this would represent a decline of approximately -44%.
Conclusion
Injective shows signs of recovery that cannot be ignored. With currently positive momentum and renewed investor interest, INJ may be preparing to overcome the recent bearish pressure it has experienced. Therefore, it will be crucial to closely observe the price reaction at various key levels to confirm or invalidate current assumptions. It is also important to remain vigilant to potential “fake outs” and market squeezes in each scenario. Finally, let us remember that these analyzes are based exclusively on technical criteria and that the price of cryptocurrencies can also evolve rapidly based on other more fundamental factors.
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Family business
Family Trading is a community of traders active since 2017 that offers Lives, educational content and contacts with the financial markets, not celuting cryptocurrencies with their friends Elie FT, passionate investor and trader on the cryptocurrency market.
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