- Bullish INJ price prediction for 2023 is $10.222 to $24.462.
- Injective (INJ) price might reach $25 soon.
- Bearish INJ price prediction for 2023 is $2.429.
In this Injective (INJ) price prediction 2023, we will analyze the price patterns of INJ by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Injective (INJ) Current Market Status
| Current Price | $8.76 |
| 24 – Hour Trading Volume | $59,553,212 |
| 24 – Hour Price Change | 4.65% up |
| Circulating Supply | 80,005,555 |
| All – Time High | $25.01 (On April 30, 2021) |
INJ Current Market Status (Source: CoinMarketCap)
What is Injective(INJ)?
Injective Protocol (INJ) is a decentralized exchange (DEX) that provides cross-chain margin trading, derivatives, and currency futures trading. The Injective Protocol is a Layer 2 application developed on the Cosmos blockchain. The protocol uses cross-chain bridges to allow traders to access cryptocurrencies from platforms such as Ethereum and Polkadot.
Injective Protocol, unlike other prominent decentralized exchanges like Uniswap or Bancor, does not use an automated market maker (AMM) algorithm to maintain liquidity. Instead, Injective utilizes the order book concept, which has been extensively adopted by centralized stock and cryptocurrency exchanges for many years. In this way, Injective hopes to combine the efficiency of traditional banking with the transparency of decentralized exchanges. Injective Exchange traders only pay regular market maker and taker fees using INJ coins, rather than network gas fees for each transaction. INJ coins also act as the platform’s governance token and staking mechanism, enabling Injective’s Proof of Stake-based blockchain to function.
Injective (INJ) Price Prediction 2023
Injective (INJ) ranks 69th on CoinMarketCap in terms of its market capitalization. The overview of the Injective price prediction for 2023 is explained below with a daily time frame.
INJ/USDT Horizontal Channel Pattern (Source: TradingView)
In the above chart, Injective (INJ) laid out a Horizontal Channel pattern. In general, the horizontal channel also known as the sideways trend is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it.
A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
At the time of analysis, the price of Injective (INJ) was recorded at $8.43. If the pattern trend continues, then the price of INJ might reach the resistance levels of $8.233, and $12.081. If the trend reverses, then the price of INJ may fall to the support of $5.594.
Injective (INJ) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Injective (INJ) in 2023.
INJ/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Injective (INJ) for 2023.
| Resistance Level 1 | $10.222 |
| Resistance Level 2 | $24.462 |
| Support Level 1 | $4.968 |
| Support Level 2 | $2.429 |
As per the above analysis, if Injective (INJ) bulls take the lead, then it might hit and break through its resistance level of $24.462.
Conversely, if Injective (INJ) bears dominate the trend, the price of INJ might plunge to $2.429.
Injective (INJ) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Injective (INJ) are shown in the chart below.
INJ/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Injective (INJ) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the INJ price lies above 50 MA (short-term), indicating its uptrend. Hence, INJ is in a bullish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of INJ is at 68.50. Therefore, this indicates INJ is nearly in an overbought state. Also, this confirms that INJ sends out a buy signal.
Injective (INJ) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Injective (INJ) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
INJ/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of INJ lies in the range of 18.040 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of INJ lies above 50, indicating high volatility.
Comparison of INJ with BTC, ETH
Let us now compare the price movements of Injective (INJ) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs INJ Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of INJ is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of INJ also increases or decreases respectively.
Injective (INJ) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Injective (INJ) between 2024 and 2030.
Injective (INJ) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Injective (INJ) might successfully test and surpass its resistance levels to hit $30 by 2024.
Injective (INJ) Price Prediction 2025
The significant upgrades in the Injective ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Injective (INJ) price to reach $35 by 2025.
Injective (INJ) Price Prediction 2026
If Injective (INJ) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $40.
Injective (INJ) Price Prediction 2027
If Injective (INJ) sustains major resistance levels and stands as a better investment option in the market, then INJ would rally to hit $45.
Injective (INJ) Price Prediction 2028
If Injective (INJ) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then INJ would hit $50 by 2028.
Injective (INJ) Price Prediction 2029
If investors flock in and continue to place their bets on Injective (INJ), then the crypto would witness major spikes. Hence, INJ might hit $55 by 2029.
Injective (INJ) Price Prediction 2030
By 2030, the INJ price might rally to $60 if the trend momentum aligns in favor ofInjective. Furthermore, INJ would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Injective (INJ) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Injective (INJ) price prediction for 2023 is $24.462. Comparatively, the bearish Injective (INJ) price prediction for 2023 is $2.429.
If there is a positive elevation in the market momentum and investors’ sentiment, then Injective (INJ) might hit $25. Furthermore, with future upgrades and advancements in the Injective ecosystem, INJ might surpass its current all-time high (ATH) of $25.01 and mark its new ATH.
FAQ
1. What is Injective (INJ)?
Injective Protocol (INJ) is a decentralized exchange (DEX) that provides cross-chain margin trading, derivatives, and currency futures trading.
2. Where can you buy Injective (INJ)?
Traders can trade Injective (INJ) on the following cryptocurrency exchanges such as Binance, CoinW, Bitrue, Deepcoin, and BTCEX.
3. Will Injective (INJ) record a new ATH soon?
With the ongoing developments and upgrades within the Injective Platform, Injective (INJ) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Injective (INJ)?
Injective (INJ) hit its current all-time high (ATH) of $25.01 on April 30, 2021.
5. What is the lowest price of Injective (INJ)?
According to CoinMarketCap, INJ hit its all-time low (ATL) of $0.6557 on November 04, 2020.
6. Will Injective (INJ) hit $25?
If Injective (INJ) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $25 soon.
7. What will be the Injective (INJ) price by 2024?
Injective (INJ) price might reach $30 by 2024.
8. What will be the Injective (INJ) price by 2025?
Injective (INJ) price might reach $35 by 2025.
9. What will be the Injective (INJ) price by 2026?
Injective (INJ) price might reach $40 by 2026.
10. What will be the Injective (INJ) price by 2027?
Injective (INJ) price might reach $45 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.