Injective Protocol Price Analysis: Will INJ Break Consolidation

Injective Protocol (INJ) was seen trading above the key moving averages, indicating a bullish trend. The price range for INJ was observed to be between $45.00 and $30.00. TradingView data showed a current price of $39.023, with a 2.64% intraday gain, further reflecting the bullish trend. The 24-hour trading volume stood at $422.50 million, while the market capitalization reached $3.61 billion.

On the daily time frame, INJ was trading above the 50 and 200-Day EMAs, which provided support to the price trend. The RSI value was at 51.55 points, indicating a neutral stance, while the MACD indicator showed a bearish crossover, suggesting a mild bearish sentiment.

However, on the 4-hour time frame, INJ displayed weakness as it traded below major EMAs. The RSI curve was near 45, signaling a negative outlook and bearish sentiment. The MACD indicator also formed a red band and a bearish crossover, pointing towards a corrective move.

Looking at the weekly chart, INJ exhibited an uptrend, surpassing key EMAs and indicating buyer dominance. Technical indicators supported this bullish sentiment, with the RSI approaching the overbought zone and the MACD forming a bullish crossover.

In summary, the daily chart reflected neutrality with several technical indicators confirming this outlook. The RSI curve indicated neutrality, suggesting a neutral stance for upcoming trading sessions.

Support levels were identified at $31.600 and $30.469, while resistance levels were seen at $42.500 and $46.821.

This analysis provides information for informational purposes only and does not offer financial advice. Please conduct thorough research before making any investment or trading decisions.