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Injective (INJ) defiled overall market trends at the end of last week, with a 15% rally as significant cryptocurrencies such as Bitcoin (BTC), Ethereum (BTC), and Binance Coin (BNB) hit monthly lows.
Injective price turned up from monthly lows at $6.75, quickly recouping three-day losses, sparking investor hopes that the downward momentum was finally being swept away. As a result, INJ rose to $8.09. The bullish trend in the INJ market has cooled as the price trades at $7.55, 4% down in the last 24 hours.
Where is Injective Price Headed Next?
INJ is fighting resistance from the 50-day Simple Moving Average (SMA) at $7.71. If this level is breached, traders could see an upward recovery, with the following line of resistance being found at $7.90, embraced by the upper boundary of the descending parallel channel.
If buying pressure builds up and bulls can break this level, the Layer 1 token could rise higher to confront resistance from the 100-day SMA at $8.14. In highly ambitious cases, Injective could make a run for the July 14 range high at $9.75, marking a 31% increase from the current price.
INJ/USD Daily Chart
The upward movement of the Moving Average Convergence Divergence (MACD) indicator supported this positive outlook. Note that this trend-following oscillating indicator had just sent a call to buy the Injective token on the daily timeframe. This happened on August 19 when the 12-day Exponential Moving Average (EMA) crossed below the 26-day EMA, adding credence to the bullish thesis.
On the downside, the Relative Strength Index (RSI) was moving downwards within the negative region. The price strength at 45 suggested that the price movement still favored the downside.
Therefore, if the pressure built by the buyers over the last couple of days fails to break the resistance provided by the 50-day SMA, the ongoing correction may extend further. This would see INJ drop below the 200-day SMA at $7.51 toward the middle boundary of the prevailing chart pattern at $7.24. Below this, the lower edge of the descending channel provides support at $6.57.
INJ Alternatives
While the Injective contemplates its next move, consider WSM, the native token for the Wall Street Meme ecosystem. The token is in the presale stage, with only six weeks to go.
The driving force propelling Wall Street Memes forward is its extensive and active community. The project boasts an impressive following of one million members. This includes notable personalities following the Wall Street Bets Instagram account, which holds sway with its 534,000 followers.
Moreover, Wall Street Memes has established a notable presence on the vast social media platform X, resonating with an audience of 260,000 followers. The coin’s recognition even extends to Elon Musk, the world’s wealthiest individual and the most-followed personality on platform X, who engaged with one of its tweets earlier in the year.
Visit Wall Street Memes Website here and connect your crypto wallet to buy $WSM. Each $WSM token goes for $0.0337, and you can buy it using ETH, USDT, or your bank card. Wall Street Memes is set to be listed on significant cryptocurrencies in less than 36 days, when the price will jump.
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