- The INJ market experiences a bearish trend driven by profit-taking and performance concerns.
- Stochastic RSI suggests INJ market may soon reverse to bullish momentum.
- Traders should be cautious due to oversold conditions and increasing selling pressure.
Despite the Injective market (INJ) reaching a 52-week high of $9.8766, bears have taken over the market, causing prices to decline over the past 24 hours from an intraday high of $9.88 to an intraday low of $8.86. The current bearish trend in the INJ market may be attributed to profit-taking by investors who bought the cryptocurrency at a discount.
? $INJ has jumped from $1.20 to $9.20 thus far in 2023, and unsurprisingly, the #FOMO has been real for #Injective. Our latest insight looks at the #70 ranked asset’s price/volume divergence, network growth, whale distribution, & more important metrics. https://t.co/SnCDrPn1A6 pic.twitter.com/aCklQTotYa
— Santiment (@santimentfeed) April 17, 2023
The price of INJ was $9.26 at the time of writing, down 1.24% from its previous closing, as this downward trend persisted.
While the 24-hour trading volume increased by 24.85% to $255,110,766, the market capitalization decreased by 1.49% to $254,332,753. This movement suggests that the market’s overall value may have decreased while trading activity increased. It might be a sign that investors are actively buying and selling assets, possibly in response to alterations in the market or breaking news.
With a reading of 8.42, the stochastic RSI on the 4-hour price chart is below its signal line. This move suggests that the asset is oversold and may soon reverse to the upside. A potential trend reversal or change in momentum may be indicated if the stochastic RSI crosses the signal line on the INJ market.
The Money Flow Index (MFI), which has a reading of 51.38 and a downward trend, reinforces the bearish momentum in INJ by pointing to increasing selling pressure. In assessing long positions, traders should be cautious if the MFI keeps falling and breaks below the oversold threshold. This motion can indicate the beginning of a more serious downward trend.
On the 4-hour price chart of the INJ market, the Fisher Transform line is below the signal line and has a value of 0.70, indicating that the market is oversold and a potential buy signal is on the horizon. The reversal will be seen if the Fisher transform line crosses the signal line successfully.
The Relative Strength Index (RSI), which has a reading of 65.74 at the moment, is descending below its signal line and into the oversold zone, which indicates that INJ may still be subject to some short-term negative pressure. In light of this, traders may hold off on taking an extended position until the RSI crosses above its signal line and exits the oversold region.
The INJ market faces bearish pressure as profit-taking and performance concerns weigh on investor sentiment. Traders should exercise caution and wait for a potential trend reversal.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.