The price of Injective (INJ) jumped more than 1% over just the past hour alone, which added to the altcoin’s positive 24-hour performance. CoinMarketCap indicated that INJ’s price rose by over 7% in the past 24 hours of trading. This meant that the altcoin was trading hands at $17.50 after setting a 24-hour high price of $17.92.
1-hour chart for INJ/USDT (Source: TradingView)
Looking at the 1-hour timeframe, INJ was able to escape a negative price channel that had formed on its hourly chart. Over the past hour, INJ’s price jumped to a high of $17.547 to trade above the major $17.380 resistance level. However, traders quickly forced the altcoin’s price back down to its current level.
Nevertheless, an hourly candle close above $17.380 could give INJ the foundation needed to continue to climb in the following few hours. In this bullish scenario, the cryptocurrency will have a clear path to rise to $17.990.
On the other hand, INJ failing to close an hourly candle above $17.380 within the next 4 hours could invalidate the bullish thesis. This may then lead to INJ dropping to the immediate support level situated at $16.585.
While INJ attempted to break above a barrier on its hourly chart, the longer timeframes for INJ were looking good. INJ’s weekly performance was up by 32.33%. Even more impressive is the fact that INJ’s price climbed by 120.75% in the past thirty days.
The token’s price success allowed its market cap to climb to $1,463,827,712, which ranked INJ as the 38th largest cryptocurrency. For INJ to reach its all-time high price of $25.01 that it hit in April of 2021, the altcoin’s price will have to climb by about 30.81%.
INJ is an AI token that has caught the attention of the market as it has been breaking through resistance levels and trading at levels that have not been seen in two years. More and more people are actively trading the token, which could set it up to reach new record highs soon.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
