A cryptocurrency analyst on Twitter this morning recommended Injective (INJ) for its consistent efficiency over the preceding year. According to the analyst, INJ has demonstrated significant vitality, and while it is not “sizzling” 24/7, its dips are frequently small, and it appears to beat most altcoins virtually all of the time.
INJ has proven its strength by emerging as one of the only cryptocurrencies to be unscathed by the current market crisis. According to CoinMarketCap data, INJ experienced a price increase of more than 4% in the previous 24 hours of trading, hitting a trading value of $7.59.
As a result, INJ’s price remained just below the day’s high of $7.66. The increase in the altcoin’s value was accompanied by a significant 39.57% increase in its purchasing and selling volume over the previous day. As a result, INJ’s buying and selling totaled $79,718,267.
INJ was buying and selling just below the major resistance level of $7.750 at the time of publication. If it manages to close a daily candle above this level, it will only have a few barriers to overcome before reaching $9.085 within the next week.
However, a daily candle that closes directly beneath the 9-day EMA line at $7.471 will invalidate the bullish argument. In this case, the cryptocurrency’s value is likely to decline to $6.80 in the next 48 hours. Continued sell pressure may possibly drive the altcoin’s price all the way down to the next critical resistance level of $5.990.
At press time, the 9-day EMA line was attempting to cross over the 20-day EMA line, which merchants and purchasers should be aware of. If these two technical indicators cross, short-term momentum will shift to the bulls.
Following that, the 9 EMA may also cross above the 50 EMA line. This could indicate that the medium-term momentum has turned from negative to positive as well. As a result, INJ’s price may rise to the previously mentioned resistance level of $9.085.