Altcoins
INJ Reversal Probability: Altcoin Short-Term Predictions Look Like THIS
- The INJ has charted a reversal pattern that could signify a breakout
- Increased buying pressure could also be good news
Injective (INJ), having lost 11% in the last 7 days, was trading at $25 at the time of writing. There appears to have been a corresponding decline in the altcoin’s trading volume as well, with a decline of 22.38% to $192 million.
Over the past 2 months, INJ has reached a high of $33 following a strong uptrend. Likewise, it also showed signs of a potential breakout in the charts.
The same was revealed by the latest analysis of AMBCrypto, with a breakout seen from the $30 resistance level. The sudden breakout could be a signal that the prevailing market trend will reverse to form an uptrend.
Source: INJ/USD, TradingView
If INJ rises 104% from the price range mentioned above, the altcoin is expected to rise to as high as $53. In a broader market, the prevailing pattern is usually a sign of a bullish price reversal.
What do the metrics tell us?
While models can tell you one thing, it’s important to know what the metrics also say. In this particular case, do the parameters support the possibility of an uptrend on the INJ charts?
Source: Santimento
According to Santiment, INJ recorded its highest social volume of 18 on June 8, followed by a drop in prices. In the following days, INJ saw a decline in social volumes, which resulted in higher prices on the charts.
Overall, lower social volume means a reduction in public discussion about cryptocurrencies, which leads to a market shift as markets buck public expectations. At the time of writing, INJ’s social volume was at a value of 3, with the same steady decline over the past 24 hours.
Source: Santimento
Additionally, Santiment’s Supply on Exchanges data revealed a peak of $401,000 on June 13. However, the spike was followed by a decline in the exchange offer, which fell to $390,000 in the last 24 hours. This implies an increase in buyers across the market, a finding associated with an uptrend. Therefore, it can be argued that the reduction in pressure could set the stage for a rise in the price of the altcoin.
How far? INJ go?
If the trend unfolds as expected and the altcoin breaks above the resistance level around $30, the bullish momentum will gain momentum. If the resistance level is exceeded, INJ it is expected to rise to $53 on the back of a 104% price increase.