Injective Protocol (INJ) is a cryptocurrency with a low market cap and circulating supply. It is currently ranked 59th by CoinMarketCap with a market cap of $595 million.
INJ has been on a tear in recent weeks, rallying by over 100%. However, it is important to note that INJ is still down over 90% from its all-time high.
Technical Analysis
The one-hour chart for INJ paired with USDT on Binance shows a 3.96% drop and suggests a potential diagonal pattern with a target range of $7.009 to $6.944.
The one-day chart shows a recent rally in INJ’s price, indicating an impulsive move. However, it is analyzed as a corrective structure with a target range of $9.99.4 to $13.92.7.
Support and Resistance Levels
It is important to note the support and resistance levels in INJ’s price movement. The key support levels are $7.009 and $6.944, while the key resistance levels are $9.99.4 and $13.92.7.
Fair Value Gap
The fair value gap in INJ’s price movement is the difference between its current price and its intrinsic value. The intrinsic value of INJ is based on its fundamentals, such as its team, technology, and partnerships.
The fair value gap in INJ’s price movement is significant, suggesting that INJ has the potential to appreciate significantly in the future.
Bear Market Performance
INJ fell by 95.54% during the bear market, but it has made a significant recovery since then. This suggests that INJ is a resilient cryptocurrency with strong fundamentals.
Potential for Future Growth
INJ has the potential to revisit its all-time high and provide a substantial return on investment. However, it is important to note that the cryptocurrency market is volatile, and there is no guarantee that INJ will continue to rise in price.
Conclusion
Injective Protocol is a low market cap cryptocurrency with high potential. It has a strong team, innovative technology, and a number of partnerships. INJ has performed well during the bear market and has the potential to revisit its all-time high in the future.
Disclaimer: This is not financial advice. Please do your own research before investing in any cryptocurrency.
