Injective (INJ) Price Shows Strong Gains: Key Levels to Monitor
Tuesday, 21 May 2024, 13:00
Injective Technical Analysis: Testing Key Levels
The Injective price has approached or tested the daily Ichimoku cloud, highlighting a bullish sentiment.
- Key resistance levels in the mid-to-long term are $29.5, $34, $38.4, and $43.
- If the daily Ichimoku cloud breaks, a price appreciation toward $33 is expected.
- If Bitcoin reaches $73,000, INJ could potentially trade between $30 and $34.
On-Chain Metrics: Validating Price Appreciation
On-chain activity shows the genuine nature of the price appreciation with spikes in key metrics.
- Total Addresses at All-Time High
- Active Addresses Rising
- Large Transactions Decline, promoting stability
Strategic Recommendations and Price Projections
Bullish to Neutral Outlook with targets at $29.5, $34, and potentially $40. Downside risk exists at testing lower boundary of Ichimoku cloud.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.