INJ is poised for a mid-term rally targeting $60 as price action consolidates in a bullish wedge pattern. Is a rally on the horizon?
Injective, the decentralized finance (DeFi) blockchain network for building and trading decentralized applications (dApps), is facing renewed investor interest. The blockchain token, INJ, has surged 4.24% with a high trading volume (+54.59%) over the past 24 hours. As of press time, INJ is trading at $12.02, per CoinMarketCap data.
A look into charts reveals a large bullish wedge forming on the weekly timeframe. The coin has tested the upper resistance trendline previously and failed to break above this falling wedge channel. As of this writing, INJ bears appear to be exhausted, and the $11 zone has presented a battleground for bulls to take charge.
Will INJ bulls rally soon?
Injective has surged 1.67% in open interest, suggesting that a bullish momentum could be brewing following a short rally and price consolidation over the past week. Similarly, the Open interest (OI)-Weighted Funding Rate has flipped positive, signaling rising investor confidence.
The MACD(12,26) and the short-term moving averages on the weekly timeframe are flashing “buy,” hinting at bullish market sentiment. However, the 24-hour long-short ratio stands at 0.9091, per Coinglass data, a lower neutral zone. This means that slightly more traders have been shorting INJ than longing in the past 24 hours.
A breakout above the $21 level on the descending resistance trendline could spark an INJ uptrend rally. On the higher timeframe, INJ bulls are eyeing the $55-$65 zone, aiming to break the current resistance wall. One should watch for the coin’s volume, open interest, and price momentum before making trades and investment decisions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
