Injective (INJ) has seen its price surge by 30% over the last week, with a 14% increase in the past 24 hours. This price boom is accompanied by a spike in trading volume, now at $274 million—over a 250% increase.
Technical indicators show bullish trends with an overbought RSI of 80.6 and the BBTrend reaching its peak since November 2024. A possible golden cross could lead to further price surges targeting $26.5, $29.4, and even $35.2.
While INJ's RSI indicates aggressive buying, suggesting strong market enthusiasm, it also signals a possible pullback due to overbought conditions. Similarly, the BBTrend reflects strong upwards momentum, but some stabilization or a pullback could occur.
The golden cross formation, where a short-term EMA crosses a long-term one, could enhance bullish momentum. However, if it fails to form, INJ might encounter downside pressure. Critical support comes at $23.98, with possible declines to $19.7 if the support fails.
Overall, while the potential for gains is substantial, investors need to watch for market corrections or consolidation phases that might arise.
