CoinDesk Report:
Injective has shown strong momentum after breaking out of a month-long downtrend, with expectations of reaching $29.84.
As of the time of writing, the sentiment around INJ is positive, positioning the token favorably.
Over the past week,
Injective [INJ]
has started a significant rebound, rising 18% after bouncing off the lower end of its trading channel.
In the past 24 hours, this figure has grown significantly by 3.02%, indicating that the upward trend is likely to continue.
Injective’s target is to reach a peak of $29.
As of the time of writing, INJ is experiencing significant growth, having broken out of the downtrend that started in April. Such patterns often precede substantial increases.
INJ rebounded from the support level of the downtrend and gained additional momentum after trading above the subsequent support level of 18.14, triggering a breakout.
If the current bullish momentum continues, INJ can climb from its current price of $22.14 to the channel peak of $29.84, with a potential gain of 33.07%.
On the contrary, if INJ declines, it may retrace to the level of $18.14 and then potentially resume its upward trajectory.
Increasing buying interest
The buying rate for Injective (INJ) has surged, with the relative strength index (RSI) and moving average convergence divergence (MACD) indicators signaling a bullish trend.
The RSI is at 65.80, indicating strong accumulation by traders, which could further drive up the price of INJ from its current levels.
The MACD is a key trading indicator and strengthens this outlook by showing a strong buy signal.
This is evident as the blue MACD line and orange signal line have entered the positive zone, while the green uptrend bar dominates.
The sustained trends of these indicators suggest a favorable movement for INJ in the upcoming trading period.
This indicates a continued bullish trend.
As of the time of writing, Injective is experiencing a bull market
With more funds flowing into the asset. The increase in its open interest-weighted funding rate highlights this, with the rate currently at 0.0056%.
This growth indicates intensified buying activity in the market, especially during an uptrend.
Readings
Injective’s [INJ] price prediction
2024–2025
The open interest-weighted funding rate provides a more accurate reflection, adjusting the standard funding rate for each leverage tier.
The currently observed positive rates typically indicate strong market optimism, supporting the expectation of INJ reaching the $29.84 target.