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Injective

The post <a href="https://coinpedia.org/price-analysis/injective-displaying-strength-is-the-retracement-over-will-inj-price-hit-50-this-month/" rel="noopener noreferrer nofollow">Injective Displaying Strength: Is the Retracement Over? Will INJ Price Hit $50 This Month?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Injective has been one of the top performers in the past few days, recording massive gains with a robust increase of nearly 40% since the start of the month. The platform recorded new milestones of nearly 700 million on-chain transactions and 1 billion transactions in 2024. Upon this, the INJ Burn auction marked new highs of over 6 million tokens in just a few hours, which is expected to be one of the bullish indicators for the token. Therefore, the INJ price is expected to have a huge impact and keep up the bullish trend.&nbsp;
After reaching an all-time high (ATH) of $53.01, the INJ price experienced a significant sell-off, filling the Fair Gap Value (FVG) on the daily timeframe and touching a low of $18.70 before quickly bouncing back. Currently, the price is trading within a range of $21.34 to $29, facing multiple rejections around $29. Despite the rejections, INJ is displaying strength and is forming consecutive higher highs and lows.&nbsp;
Therefore, if the Injective price manages to break out of the range, then it may potentially surge towards the next resistance close to $35.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeNQDnpyHFWIAConZm9rCKPOY7xw6-01MDdMHP8Rc1vQf2gHFL7CQwrJ4dLNP4FK4r-_ABfI4_OHN5Z6hPnTPBOt2DnwarZuuCn6YmaHk1Abu8Z40tOtaKlUsB_qRjp50woy57R5ktltAxv-7qge4tU7fCS?key=uxlHohfVsekOzSsV8aODCg" alt="">
</figure>
The INJ price broke above the falling wedge and triggered a 40% rise, but before surpassing one of the key resistances, the token initiated a retracement. However, the price remains within the bullish range as the levels hold above the 50-day MA but below the 200-day MA. Besides, the Ichimoku cloud continues to remain bullish, regardless of the mounting bearish pressures. However, the volume has risen to a large extent, suggesting a huge rise in trading activity, which may increase the volatility of the token.
In the coming days, a golden cross may form as the 50-day MA, which is currently providing strong support, rises higher and reaches the 200-day moving average. Therefore, a rise beyond the 200-MA at $32.05 may trigger a fresh upswing, which may be validated after securing the levels above $35.9. Once the bulls manage to sustain above these levels and enter the crucial resistance between $42.51 and $43.84, a rise beyond $50 could be imminent. Until then, the Injective (INJ) price may maintain an ascending consolidation.&nbsp;

Injective Displaying Strength: Is the Retracement Over? Will INJ Price Hit $50 This Month?

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