Can INJ Surge 50% With New Update And Optimistic View of Analyst?

• 1 INJ derivatives data analysis shows long liquidations are more than short liquidations, backing bearish PoV.
• 2 Open interest showed that +2.14% of contracts increased and stayed at $114.21 million.
• 3 Integrating Transak and PayPal USD enhances INJ’s potential, and analysts’ optimistic tweets predict a bullish rebound soon.

The Injective protocol has experienced a significant price movement. Starting from a demand level of $7.5 in Oct 2023, the INJ price saw a substantial rally. It eventually reached $52.50 by March 12th, breaking through the resistance level of $45 (a barrier tested three times previously).

However, the peak at $52.50 proved unsustainable, and the price began to decline on March 13th, establishing a new support level at $20 by April 13th. Meanwhile, Attempts to recover were thwarted repeatedly by the dynamic resistance posed by the 50-day and 200-day EMAs. 

Injective Protocol (INJ) 1.D. Price  Chart | Source: Trading View

In the most recent week, the price suffered a -22% setback, returning again to the $20 support level. The bearish outlook is further underscored by the MACD, which displays a bearish crossover with a histogram value of -0.876, while the RSI indicator is at 35.87, suggesting a bearish momentum.

The Recent Update on Injective Protocol Appears Optimistic!

The @Injective X handle has recently announced an exciting update on June 19th, 2024, revealing the integration of Transak and PayPal USD over the INJ network. This development allows the users to effortlessly on-ramp fiat currency onto the Injective platform. 

The tweet further says it facilitates access to model assets like PYUSD, all within one unified and integrated network. In particular, this integration looks like a significant step forward for the INJ asset. This integration would broaden the gateway for mainstream adoption and enhance the user experience by simplifying the process of entering the crypto ecosystem. 

Additionally, the collaboration with known, well-established financial entities like PayPal is proof of the Injective’s growing credibility and potential for expansion. That indeed fosters an optimistic outlook for the future of INJ cryptocurrency.

Why Does an Analyst Anticipate a Bullish Move in INJ Price? 

In a recent tweet, an analyst and investor, @Scott Melker, expressed a positive outlook on INJ’s future. He highlighted that despite the recent drop, INJ’s price has consistently tested a crucial support level. 

Similarly, Melker’s analysis suggests that INJ is currently oversold in shorter timeframes and is approaching oversold conditions on the daily chart. Meanwhile, he advised traders and investors to anticipate a bullish divergence. In his view, INJ is poised for a substantial rebound in the upcoming trading sessions.

INJ Price Forecast!

At press time, the INJ price traded at $20.761 with an intraday gain of 1.56%.

Case 1 – If Price successfully rebounds from the current level and beats dynamic resistance in the process, the nearest targets would be $30.0 and $36.0.

Case 2– If the price is unable to manage the current support level, it could reach the $15.0 and $10.0 marks.

Summary

The Injective protocol experienced a significant price movement. Its price started at $7.5 in Oct 2023 and reached $52.50 on March 12th, 2024. However, the Price declined to $20 by April 13th, facing resistance from EMAs. Recent setbacks brought the price back to $20 support. 

Integrating Transak and PayPal USD enhances INJ’s potential. A reputed analyst’s optimistic tweets predict a bullish rebound. As per technical analyses, the INJ price could go up to $30.0 and $36.0 targets. However, failing the support of $20.0 would lead towards the $15.0 and 10.0 levels.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Anurag S

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.