Altcoins
INJ Reversal Chances – Altcoin Short-Term Forecast Looks Like THIS
- INJ has charted a reversal pattern that could possibly mean a breakout
- An increase in buying pressure could also be good news
Injective (INJ), after falling 11% over the past 7 days, was trading at $25 at press time. There also appears to have been a corresponding decline in the altcoin’s trading volume, with it down 22.38% to $192 million.
Over the past 2 months, INJ reached an ATH of $33 following a strong uptrend. Likewise, it has also shown signs of a potential breakout on the charts.
AMBCrypto’s latest analysis revealed the same, with a breakout of the $30 resistance level. This sudden breakout could be a sign that the dominant market trend will reverse to form an uptrend.
Source: INJ/USD, TradingView
If INJ rises by 104% from the aforementioned price range, the altcoin can be expected to surge up to $53. In a broader market, the dominant trend is usually a sign of a bullish price reversal.
What do the metrics tell us?
While models can say one thing, it’s also important to know what the metrics say. In this particular case, do the metrics support the possibility of an uptrend on INJ’s charts?
Source: Santiment
According to Santiment, INJ recorded its highest social volume of 18 on June 8, followed by a drop in prices. In the following days, INJ experienced a drop in social volumes, which caused prices to rise on the charts.
All told, lower social volume means a reduction in public debate about crypto, leading to market change as markets go against public expectations. At press time, INJ’s social volume showed a value of 3, with a steady decline over the past 24 hours.
Source: Santiment
Additionally, Santiment’s Supply on Exchanges data revealed a $401,000 peak on June 13. However, the spike was followed by a decline in exchange supply, falling to $390,000 in the last 24 hours. This implies an increase in the number of buyers in the market, an outcome associated with an uptrend. Therefore, it can be argued that the reduction in pressure could pave the way for the altcoin price to rise.
How far does it go INJ go?
If the trend plays out as expected and the altcoin breaks above the resistance level around $30, the bullish momentum will gain momentum. If the resistance level is exceeded, INJ It can be expected to rise to $53 following a 104% price rise.