Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom — Analyst

Christian Encila

10 months ago

3 mins read

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Recently, injective (INJ) has undergone explosive growth, pushing itself to unprecedented heights and drawing interest both from experts and bitcoin aficionados. Over the past week, the digital asset has jumped about 32%, and a measly 1% in the last day.

INJ climbs in the weekly frame. Source: Coingecko

INJ, at the time of writing, was trading at $26.17. A chance that its price will explode, going as high as $380, could be in the cards. Here, we break down the factors that have led to INJ’s great success and talk about what might happen in the future for this growing digital currency asset.

Injective: Positive Patterns

Given recent increases in Bitcoin, Injective’s remarkable price surge coincides with a bullish trend in the larger cryptocurrency market. The general market mood is rather optimistic, which provides a rich environment for alternative currencies like INJ to flourish.

Analysts are attributing this increase to the arrival of Ethereum ETFs on July 23rd as well as favorable market circumstances. This next event is likely to intensify investor interest in the crypto market, therefore benefiting altcoins and increasing their attractiveness among investors.

As more buyers flock to Ethereum ETFs and the demand for altcoins rises, they will bring new life to the market. As a result of its recent gains and overall good progress, injective is well-positioned to make money from this trend.

Injective market cap currently at $2.4 billion. Chart: TradingView

There have been over $600 million worth of trades in bitcoin in the last 24 hours, giving it a market value of $2.44 billion. As the market for cryptocurrencies continues to grow, INJ’s rising trend could lead to even bigger price changes in the near future.

$INJ (Injective) surges upward after confirming a Hidden Bull Divergence and prices are above a key $21.6541377 target level which, on a Logarithmic Scale, can imply $380 to be in play as the current target!

With a Full Logarithmic Follow-Through, we can watch for prices of… https://t.co/ahvxw8Z3gT pic.twitter.com/dfR4Xy1aSl

— JAVON⚡️MARKS (@JavonTM1) July 16, 2024

Technical Indicators Signal Greater Upside

Technical study by eminent bitcoin expert Javon Marks fuels even more the hope around Injective. Marks has found in INJ’s price charts a Hidden Bull Divergence pattern, a technical indication of great bullish momentum.

After INJ’s price crossed a historical resistance point often indicating possible for significant upward movement, an important logarithmic level of $21.65, this pattern has developed.

Marks’ examination reveals INJ’s amazing upside potential given its target price of $380. From existing trading levels, this prediction shows an amazing 1,350% rise. Excited traders and investors have responded to the Hidden Bull Divergence as they see this technical pattern as a good signal of future price rise.

Should INJ keep on its optimistic trajectory, it may make incredible profits and confirm its leadership among the players in the cryptocurrency scene.

Investor Mood And Short-Term Forecast

Looking ahead, Injective’s short-term projection is also really positive. Technical indications and a Fear & Greed Index reading of 60, which shows a strong sense of greed and optimism among investors, reinforce the generally positive attitude of the present. Recent forecasts see INJ rising by 228.76% to reach $86.92 by August 18, 2024.

Featured image from Mel Magazine, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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