need of a major liquidity pump
The Injective Protocol, after testing the $45 resistance multiple times, surpassed and reached $52.50 by mid-March 2024, from the major demand zone at $7.5, which generated nearly 650% gains from bottom to top in INJ crypto price.
The price deteriorated and built a lower low by mid-April, and has been retesting the major support at $20 in order to rise and capture the lost territories back.
Moreover, this week's price jumped 11.23% from $20 critical support and is trying to skyrocket. Despite the loss of more than 50% gains from the peak, the INJ ranked 42 on CoinMarketCap and has a considerable trading volume of more than $100 Million.
The INJ market looks to be in need of a major liquidity pump so that the price could rise; its current liquidity ratio appeared to be moderate.
At press time, the INJ traded at $23.05 with an intraday loss of -0.65%. The market looks primed for a rise in the coming sessions from the critical support. The near-time targets would be around $31, and $34, respectively.
However, failing to sustain above $20 could open the back door, and the pressure from bears could lead to lower supports at $15 and $12, respectively.
The indicators are bullish, as MACD forms a bullish cross, and RSI flashed at 46.88.
The price deteriorated and built a lower low by mid-April, and has been retesting the major support at $20 in order to rise and capture the lost territories back.
Moreover, this week's price jumped 11.23% from $20 critical support and is trying to skyrocket. Despite the loss of more than 50% gains from the peak, the INJ ranked 42 on CoinMarketCap and has a considerable trading volume of more than $100 Million.
The INJ market looks to be in need of a major liquidity pump so that the price could rise; its current liquidity ratio appeared to be moderate.
At press time, the INJ traded at $23.05 with an intraday loss of -0.65%. The market looks primed for a rise in the coming sessions from the critical support. The near-time targets would be around $31, and $34, respectively.
However, failing to sustain above $20 could open the back door, and the pressure from bears could lead to lower supports at $15 and $12, respectively.
The indicators are bullish, as MACD forms a bullish cross, and RSI flashed at 46.88.
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