In this Injective (INJ) price prediction 2024, 2025-2030, we will analyze the price patterns of INJ by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Injective (INJ) Current Market Status/h2
INJ Current Market Status (Source: CoinMarketCap)h2 What is Injective (INJ)/h2
Injective Protocol (INJ) is a decentralized exchange (DEX) that provides cross-chain margin trading, derivatives, and currency futures trading. The Injective Protocol is a Layer 2 application developed on the Cosmos blockchain. The protocol uses cross-chain bridges to allow traders to access cryptocurrencies from platforms such as Ethereum and Polkadot.
Injective Protocol, unlike other prominent decentralized exchanges like Uniswap or Bancor, does not use an automated market maker (AMM) algorithm to maintain liquidity. Instead, Injective utilizes the order book concept, which has been extensively adopted by centralized stock and cryptocurrency exchanges for many years. In this way, Injective hopes to combine the efficiency of traditional banking with the transparency of decentralized exchanges.
Injective Exchange traders only pay regular market maker and taker fees using INJ coins, rather than network gas fees for each transaction. INJ coins also act as the platform’s governance token and staking mechanism, enabling Injective’s Proof of Stake-based blockchain to function.
Injective 24H Technicals/h2
(Source: TradingView)
h2 Injective (INJ) Price Prediction 2024/h2
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Injective (INJ) ranks 28th on CoinMarketCap in terms of its market capitalization. The overview of the Injective price prediction for 2024 is explained below with a daily time frame.
In the above chart, Injective (INJ) laid out a Horizontal Channel also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it.
A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
At the time of analysis, the price of Injective (INJ) was recorded at $33.70. If the pattern trend continues, then the price of INJ might reach the resistance levels of $36.38 and $43.94. If the trend reverses, then the price of INJ may fall to the support of $30.36, and $20.92.
h2 Injective (INJ) Resistance and Support Levels/h2
The chart given below elucidates the possible resistance and support levels of Injective (INJ) in 2024.
INJ/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Injective (INJ) for 2024.
INJ Resistance & Support Levelsh2 Injective (INJ) Price Prediction 2024 — RVOL, MA, and RSI/h2
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Injective (INJ) are shown in the chart below.
INJ/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Injective (INJ) market in 2024.
In the below chart, we analyze the strength and volatility of Injective (INJ) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
INJ/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Injective (INJ).
h2 Comparison of INJ with BTC, ETH/h2
Let us now compare the price movements of Injective (INJ) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs INJ Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of INJ is dissimilar to that of BTC and ETH. That is, when the price of BTC and ETH increases, the price of INJ decreases, if the price of BTC and ETH decreases, the price of INJ increases. .
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Injective (INJ) between 2025, 2026, 2027, 2028, 2029 and 2030.
h2 Conclusion/h2
If Injective (INJ) establishes itself as a good investment in 2024, this year would be favorable to the cryptocurrency. In conclusion, the bullish Injective (INJ) price prediction for 2024 is $91.14. Comparatively, if unfavorable sentiment is triggered, the bearish Injective (INJ) price prediction for 2024 is $9.90.
If the market momentum and investors’ sentiment positively elevate, then Injective (INJ) might hit $50. Furthermore, with future upgrades and advancements in the Injective ecosystem, INJ might surpass its current all-time high (ATH) of $45.19 and mark its new ATH.
This content was originally published by our partners at The News Crypto .
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The News Crypto
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