Bitcoin (BTC) is chasing new highs and continues to rise despite profit-taking, forming alternating green and red candles. After each rise, a selling candle appears on the 15-minute chart. However, as of the time of writing, it stands strong near the daily peak at $71,500. Macroeconomic developments and ETF inflows have triggered BTC price increases. So, what will happen to INJ Coin?
INJ Coin Commentary
INJ Coin is once again targeting the resistance it has been struggling with for a long time. After making significant gains previously, INJ Coin has been moving sluggishly for two months. So, what are investors doing now? Looking at the total supply on exchanges, it indicates a decrease in INJ Coin deposits.
The chart outlook has started to turn positive, and fewer coins being sent to exchanges reflects investor motivation. Since December 2023, investors have continued to hold their assets. Additionally, the MACD (Moving Average Convergence Divergence) is recovering in favor of the bulls after giving the second bearish signal in the last two months.
INJ Coin Price Predictions
Injective (INJ) price is testing the $28 resistance level at the time of writing. If it succeeds here, it may attempt to break through the $30 resistance area. A potential rally scenario could open the door for a new attempt towards $35, which would mean roughly a 22% increase.
Reclaiming $35, a key area for accelerated sales in April, will be a strong confirmation of a focus on long-term goals. While many cryptocurrencies are breaking all-time highs, if INJ Coin bulls are also expecting a real comeback, they will continue their determined stance on this matter.
Volatility continues on the Bitcoin front, and everyone’s eyes are on the US data coming on Friday. Leading indicators suggest favorable data tomorrow, but no one can predict the future. Therefore, investors should be cautious and not completely ignore risks.
If the $28-30 level cannot be surpassed, Injective (INJ) price may drop to $21. A close below this level will invalidate the bullish scenario. Moreover, since it remains a significant support level during pullbacks, this price region is of great importance.
