Amid rising volatility in the cryptocurrency market, the top tokens continued to fluctuate near their key support levels. Moreover, the market leader Bitcoin successfully maintained its price at the $60,000 mark, indicating a high probability of a bullish trend reversal.
On the other hand, the Injective price has successfully regained momentum and has seen a significant increase in value in its respective portfolio this week. With the increasingly bullish sentiment for the altcoin, will the INJ price see an uptrend towards the $50 mark in the coming months?
The injection price successfully retests its crucial support level:
With a gain of over 10% in the last day and a trading volume of $96.060 million, the INJ price has successfully retested its crucial support level of $15. Moreover, it is up by about 28% this week alone, indicating a positive outlook for the week ahead.
With a trading price of $19.18 and a circulating supply of 97,622,752 INJ tokens, the Injective cryptocurrency has secured the 45th spot with a market capitalization of $1.870 billion.
The Relative Strength Index (RSI) has seen a strong uptrend from its oversold zone, indicating an increase in buying sentiment in the crypto space. Moreover, the average on the 1D time frame is showing a bullish convergence.
Furthermore, the MACD indicator has been showing a consistent decline in the red histogram with its averages showing a potential positive crossover. This shows that the Injective price will continue to appreciate in the coming period.
Will the INJ price rise again?
Assuming the crypto market continues to trade under a bullish influence, in this case, the Injective price will test its resistance level of $21.35. If the price remains at this level, it will set the stage for INJ Crypto to test its upper resistance level of $28.25 this month.
Conversely, if the bears overpower the bulls, Injective will crash to its crucial support level of $15 this month.
