Vijesti Analize INJ Soars as Bitcoin Climbs Higher

INJ Soars as Bitcoin Climbs Higher

October 25, 2023 Analize
BITmarkets | INJ Soars as Bitcoin Climbs Higher

Injective Protocol's native cryptocurrency INJ has spiked upwards amid the Bitcoin rally to $35,000. This reflects the positive correlation between Bitcoin's price movements and that of many other cryptocurrencies.

Let's explore the daily and one-hour time frames of INJ's price activity to forecast INJ's next move.

Daily Time Frame

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INJUSD - Daily Time Frame

INJ's daily time frame chart readings showcases the formation of a bullish structure forming with the higher high breached by a strong, impulsive move, as represented by the appearance of buy orders by institutions.

The principle of the structures suggests that a price correction is plausible. The target zones for a potential correction, also known as areas of interest (AoI), can be seen more clearly in the coin's 1 hour time frame.

1 Hour Time Frame

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INJUSD - 1 Hour Time Frame

Looking into the 1 hour time frame, three AoIs are defined based on Imbalance Zones. If significant bearish pressure begins to exert in the market, renewed seller strength would send INJ into deeper correction.

If the price corrects to one of the AoIs indicated, it would signalize that the sellers have failed to take control of the market and thus, more buying pressure is expected.

Keep an eye out for INJ's fundamentals and the omnipresent crypto market sentiment before going ahead with any trade decision.

A BIT about INJ

INJ is a cryptocurrency native to a blockchain protocol focused on decentralized finance (DeFi) and derivatives trading.

The Injective Protocol platform leverages a unique Layer-2 architecture, enabling fast and secure transactions. It also supports the creation and trading of derivatives and other financial products directly on the blockchain.

The INJ token, which is the native token of the network, is used for network governance, transaction fee payments, and participation in the staking system to secure the network.

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