With a sideways trend in the daily trend, the underlying sentiments in the altcoins are on a bullish reversal. As the broader market improves, the INJ price shows a recovery rally gaining momentum.
The altcoin trades at a discount of 45% from its all-time high, revealing massive upside potential. Will the uptrend in the Injective protocol surge above the $30 mark? Let’s find out more in the INJ price analysis.
Injective Reveals Bullish Pattern For 35% Upside
With a market cap of $2.75 billion, the INJ price has increased by 7.5% in the last 24 hours. Further, the 25% jump in the last ten days projects an impressive recovery rally gaining momentum.
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Further, the INJ price action shows an inverted head-and-shoulder pattern with a neckline at $30. This pattern suggests a bullish trend possibility in the Injective protocol.
Currently, the altcoin trades at $29.508 with an intraday gain of 0.62% teasing a bullish breakout today. In case, the uptrend sustains to cross $30, the sideline traders can witness a huge surge in the coming days.
Technical indicator:
EMA: The 50D and 200D EMA resist a bearish flow as the INJ price recovers. Further, the average lines tease a golden crossover teasing a bullish reversal.
RSI: The daily RSI line shows an increase in buying pressure as it crosses into the overbought boundary.
Will The INJ Price Reach $40?
If the buyers maintain the trend control and hold the price above $30, then the INJ price can continue the uptrend at high momentum. Further, with the bullish breakout of the inverted head and shoulder, the altcoin can reach the $40 mark at the 61.80% Fibonacci level.
On the contrary, if the bears sustain dominance at the $30 neckline, then the recovery rally will lose momentum and might fall to the support level of $21.
