INJ price bounces back from 7-day dip amid NFT funding hype by CoinEdition
- Injectives (INJ) price has retreated following the NFT financialization news.
- Currently, the bullish momentum exceeds the bearish one on the INJ/USD chart.
- It is a strong buy signal for INJ as buying pressure outweighs selling pressure.
Despite plunging to a weekly low of $6.46 in the previous 24 hours, the revelation that NFT funding is coming to the Injective ecosystem has boosted investor confidence. Accordingly, the bull price of Injective (INJ) lifted from the 7-day low to an intra-day high of $7.24 at press time.
Hoping into the rally expecting a longer bullish run, traders boosted INJ’s market cap and 24-hour trading volume by 9.06% and 41.15% to $579,602,154 and $134,061,491, respectively.
If positive momentum breaks through the 24-hour high of $7.24, the next resistance level is $8.00, which could draw more buyers and push the price of INJ higher.
INJ/USD 24-hour price chart (source: CoinMarketCap)
On the IN/JUSD price chart, the relative strength index of 57.53 indicates that the bullish momentum exceeds the bearish momentum but is not yet overbought.
This RSI level implies that the price has room to grow before reaching the overbought area of 80. Consequently, the probability of breaking through resistance levels is high and traders can consider buying the asset as a possible profit opportunity.
With a Fisher Transform score of 2.36, this bull run in INJ is predicted to continue soon, making it a good buy for traders hoping to profit from the uptrend. The advance above the signal line shows a strong buy signal, which adds to INJ’s bullish outlook.
INJ/USD Chart (Source: TradingView)
Money Flow Index score of 51.27 supports the “buy” suggestion, indicating that there is more buying pressure in the market for INJ than selling pressure. This degree of buying pressure suggests that investors are positive about INJ’s future performance and are ready to pay a premium for the stock.
With a value of 7.59, the rate of change indicates that the momentum of INJ’s price growth is likely to continue soon, making it a potentially exciting investment opportunity for traders trying to profit from the current trend.
INJ/USD Chart (Source: TradingView)
In conclusion, INJ’s bullish momentum is increasing, presenting potential profit opportunities for traders with tokens NFT funding and positive technical indicators.
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Disclaimer: The views, opinions and information shared in this price forecast are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
The post INJ Price Rebounds from 7-Day Dip Amid NFT Financialization Hype appeared first on Coin Edition.
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