Injective Protocol’s INJ token has just hit a new all-time high of $27.02. However, it appears that the market is currently in a phase of rest and consolidation, with investors cautiously hopeful yet reluctant to drive prices much higher at the moment.
The overall trading activity has decreased from its recent peak, leading to a reduction in market volatility. Despite this, the price of INJ has experienced a 12% increase in the last day, currently trading at $25.
Injective Inks 50% Price Rally
One of the things to consider as the token searches for more growth is what has propelled it to a record high. So, is there a chance that this rally will last, or will bears ruin the bulls’ Yuletide celebration?
Injective’s native token has experienced a price explosion of over 50% in the previous 30 days, and the steady climb since the lows hit in December 2022 has featured a parabolic rise of over 1,500%. Positive news about the ecosystem and the general bullish mood have driven INJ higher in recent weeks.
INJ seven-day price action. Source: Coingecko
Just the last day saw a 40% spike in INJ’s trading volume to $508 million. The price of INJ has fluctuated by around 15% during the last day, indicating high intraday volatility as well. Traders need to get ready for further volatility in the near future.
Now that Injective has a new ATH set, it is in unexplored terrain and might rise swiftly.
INJ currently has a market cap of $2.07 billion. Source: TradingView.com
In the event of a decline, the nearest area of support is at $24, and then $20, which corresponds to the Fibonacci 0.382 retracement level. Just below that, at $16 and $15, respectively, you can find support at the 0.5 and 0.618 Fib levels. If INJ’s rally hits a wall, the stock might retrace to these levels before continuing its ascent.
INJ’s $65K Burn Boosts Weekly Surge
Injective’s weekly token burn has been one of the major triggers for the previous few days. The most recent of these saw the burning of over $65,000 worth of INJ, eliminating them from circulation forever.
Injective saw a notable increase in the total amount of INJ staked during the burn auction. There have been almost $1 billion worth of tokens staked thus far, based on on-chain data.
A bullish continuation might see buyers target prices above $30. A bearish turn in tandem with a wider market decline may signal a possible decline to $20–$18 range support.
INJ monthly price prediction. Source: Coincodex
INJ Positive Prediction
Meanwhile, the current Coincodex Injective price prediction indicates a $27.50 price increase this week. Additionally, according to its technical indicators, the present mood is bullish, and the Fear & Greed Index is currently reading 67 (Greed).
INJ at Greed territory. Source: Coincodex
The predicted annual low price for Injective in 2024 is $ 25.13, based on how the price has changed in the past and the BTC halving cycles. Injective, on the other hand, could cost as much as $35.49 next year.
Featured image from Warne Scope Mounts
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