Injective experienced a surge of over 10% throughout the day, following an announcement by the South Korean crypto exchange Upbit about listing the token. The broader crypto market also saw a brief recovery, fueled by the expected momentum in October. Injective (INJ) crossed the $23 threshold in early trading hours, with its rally coinciding with Upbit’s listing announcement.
Upbit has officially added Injective (INJ) to its platform, allowing investors to trade the token in KRW (Korean Won) and USDT pairs. Trading for INJ is scheduled to start on October 17, 2024, at 18:15, according to Upbit’s statement.
Analysts predict that the listing could enhance Injective’s liquidity, potentially pushing its price to the $24 range. Despite the initial surge, INJ’s price later declined to a low of $20.36 and is currently trading at $21.37, reflecting a modest gain of 1.16%. During this period, the daily trading volume for INJ rose by over 107%, reaching approximately $249 million, according to CoinMarketCap data. Meanwhile, Coinglass reported that $966.16K worth of Injective was liquidated during this timeframe.
Outlook for INJ :
Over the past 30 days, INJ has seen a 9.38% increase, with a monthly low of $18.61. Weekly price momentum shows a steady rise of 9.40%, with the asset climbing from $18 to a peak of $22.
Looking ahead, INJ may encounter initial resistance at the $23.77 level. If the bullish trend persists, the price could rise further, while a downturn could push it toward the immediate support level of $19.63.
Analyzing the 24-hour price chart, INJ’s daily Relative Strength Index (RSI) was above 54, placing the asset in a neutral zone. Technical indicators, including the short-term 9-day moving average (MA) at $20.95 and the long-term 21-day MA at $21.26, suggest a balanced outlook.
The Moving Average Convergence Divergence (MACD) line is currently below the signal line, indicating bearish sentiment, which may suggest a potential downturn.
