The value of Injective has increased by over 25% up to now week, from a low of $17 to $23.27 this morning. Recently, the cryptocurrency market has been trending positively, and the substantial increase in Bitcoin’s price is a major think about this price ascent.
The upbeat perception of Bitcoin has been a major think about the success of altcoins. Injective is some of the significant beneficiaries.
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A good rise in trading volume has coincided with INJ’s price spike, suggesting increasing investor interest. With $512 million in 24-hour trading volume and a $2.17 billion market capitalisation, it is clear that injective is becoming increasingly more popular available in the market.
Expert Eyes $50 Goal
The renowned cryptocurrency specialist, World of Charts, has expressed a favourable evaluation of Injective’s probable price trajectory. Based on his research, INJ is now seeing an upward trend and is consolidating inside a bullish continuation signal, namely a falling wedge formation. With its lower highs and lower lows, the falling wedge pattern implies that a breakout could also be on the horizon.
$Inj#Inj Is In Strong Uptrend Currently Consolidating Inside Falling Wedge (Bullish Pattern) Injective Needs To Clear This Wedge To Proceed Its Upside Move Incase Of Successful Breakout Expecting Move Towards 50$ In Coming Weeks#Crypto #Injective pic.twitter.com/oTkRdHdNes
— World Of Charts (@WorldOfCharts1) July 15, 2024
World of Charts highlighted that Injective must effectively break out of its wedge pattern with a purpose to resume its upward trajectory. A breakthrough would indicate that the consolidation phase is over and the rising trend is back heading in the right direction. The expert anticipates that if this breakout happens, the worth of INJ would rise over the following few weeks and approach $50.
Ethereum ETFs: Will They Change The Injective Market?
The market is getting much more excited because Ethereum ETFs shall be available starting July 23. People think that this necessary event will give the market latest hope, which can herald latest buyers and make more people need to buy cryptocurrency. As expected, the discharge of Ethereum ETFs will cause the worth of Injective to undergo the roof.
Individuals who follow the market are very positive about how Ethereum ETFs might affect it. The expected influx of massive investors and the convenience of access to Ethereum-related assets may cause the values of altcoins to rise.
Injective market cap currently at $2.4 billion. Chart: TradingView
INJ Price Prediction: A Positive Sight
By August 16, 2024, Injective is seen rising by 220% to $83.77. As we speak, th coin has a 69 rating on the Fear & Greed Index. Having a price range of 6.60%, injective has had 15 out of 30 “green days” through the past 30 days. These aspects indicate that the altcoin could see significant increase in the following months.
Source: Coincodex
As a consequence of the undeniable fact that the cryptocurrency industry continues to be expanding, Injective is in a favourable position to cash in on the present bullishness in addition to the market triggers which can be going to occur within the near future.
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Strong fundamental trends, a positive market mood, and large events just like the launch of Ethereum ETFs have all contributed to an environment that’s conducive for Injective’s price performance.
Featured image from Injective, chart from TradingView