As a researcher with a background in economics and finance, I’m excited to see the recent bullish momentum of INJ, which has surged by more than 22% in just 24 hours. The slower-than-expected US CPI inflation rate and the burn auction of over 6 million INJ tokens have significantly contributed to this rally.
The INJ token’s price has surged by over 22% within the past 24 hours as a result of a lower-than-anticipated US Consumer Price Index (CPI) inflation rate and approximately 6 million INJ tokens being destroyed via the burn auction.
INJ Bullish Momentum and Market Sentiment
In the past 24 hours, INJ‘s price has surged, now hovering around $32 – marking a significant leap of 24.86% from its intra-day minimum at $25. This persistent price rise suggests a favorable market outlook for INJ, potentially signaling the beginning of an uptrend.
We are only getting started.
Together, let’s rewrite history.
— Injective (@injective) June 12, 2024
At the rally, INJ‘s trading volume experienced a significant increase of 31.33% to reach $2,831,536,478 within a 24-hour period. Simultaneously, the market capitalization grew by 20%. This surge signifies strong buying intent and high demand for INJ stocks, bolstering the bullish stance derived from the 6 million INJ tokens that were burned.
For INJ, the nearest hurdle in its path lies at approximately $32.07, marking the day’s highest point. Overcoming this point might prove challenging due to psychological factors, but if INJ manages to surpass and sustain above it, potential growth opportunities may emerge.
From my perspective as an analyst, the downside involves a previous support level at $28.00. Prior to the recent price surge, this is where trading took place. Should the market trend reverse, this level could potentially act as a foundation for buyers, halting additional selling pressure.
Breakout from Prolonged Accumulation
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with INJ. After a two-month long consolidation phase that began in mid-April, there has been a noteworthy price breakout for this token. Prior to this event, INJ had been trading within a tight range around $29 without significant fluctuations. However, the recent surge in price represents a meaningful shift in market sentiment and could indicate potential growth opportunities for investors.
The latest favorable Consumer Price Index (CPI) data has contributed significantly to the current market surge. This trend aligns with technical analysis predictions, suggesting potential for continued price increases.
As a result, INJ derivatives trading volume has surged by 18.08% to reach $903.64 million. Such an uptick signifies heightened market activity and potentially implies enhanced liquidity, paving the way for a stronger and more sustained bull run. Additionally, open interest in these derivatives has increased by 32.46% to $165.98 million, suggesting new investments entering the market as traders establish fresh positions in preparation for potential price swings.
INJUSD Technical Analysis and Projections
As a crypto analyst, I’ve noticed an intriguing development in the INJ/USDT market on Binance. The descending wedge pattern we’ve been observing has resulted in a significant breakout, with the price surging above the $29 resistance level. This uptrend is reinforced by recent price movements and indicates potential for further gains.
As a crypto investor, I’ve been closely following the analysis of CryptoJack, who holds a bullish view on the Injective (INJ) token. He anticipates that INJ could potentially double in price based on current market trends. If INJ manages to close above $31, I would consider entering a long position, with an initial target at $52. The one-day chart indicates that INJ is approaching the resistance level of $32, and if this barrier is broken, the next significant level lies at $52.
US Fed Meeting Announcements & Jerome Powell Speech Highlights
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ANKR PREDICTION. ANKR cryptocurrency
- OP PREDICTION. OP cryptocurrency
- VIC PREDICTION. VIC cryptocurrency
- Dogecoin And Shiba Inu Fear & Greed Index Drops To Neutral, Time To Buy?
- INV PREDICTION. INV cryptocurrency
- SUPER PREDICTION. SUPER cryptocurrency
2024-06-12 23:38