The post Injective (INJ) Showing Strong Buy Signals appeared on BitcoinEthereumNews.com.

The recent price action of Injective (INJ) has demonstrated notable upward momentum, particularly over the past 10 daily trading candles. As of the latest daily candle, the price of INJ closed at $30.13, reflecting a minor pullback of 3.55%. Injective Daily Price Action Validates Prior Insights In a recent analysis, BeInCrypto predicted that Injective (INJ) could penetrate the daily Ichimoku cloud, signaling strong buy signals. This prediction has proven accurate as INJ has successfully broken through the cloud and is now trading at $30, with a peak at $33. Positioned above both the 100 EMA (blue) at $28.55 and the 200 EMA (green) at $27.70, INJ shows signs of a bullish trend continuation. The price action suggests that the support levels provided by these EMAs have held strong, underpinning the recent rally. Over the last 10 bars, INJ has experienced a consistent upward trajectory, with a breakout from the Ichimoku Cloud, indicating strong bullish sentiment. Read More: 9 Cryptocurrencies Offering the Highest Staking Yields (APY) in 2024 Injective Price Action: TradingView The sharp price rise initiated around the $25 mark, followed by a steady ascent, culminating in a test of the $32 resistance level. The formation of higher highs and higher lows further consolidates this bullish outlook. However, today’s retracement signals potential profit-taking or a minor consolidation before the next leg up. Technical analysts would note the recent crossing above the Ichimoku Cloud as a significant bullish indicator. Coupled with the price holding above the key EMA, Injective (INJ) signals strong buy signals. Traders should monitor for any signs of reversal or continued consolidation, which could provide further buying opportunities at lower levels. Injective Active Addresses: A Bullish Signal From June 1 to June 12, Injective experienced significant fluctuations in daily active addresses, reflecting varying levels of user engagement and network…

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Filed under: News - @ June 13, 2024 11:16 pm