- Injective’s (INJ) price has rebounded after the NFT financialization news.
- Currently, the bullish momentum exceeds the bearish one on the INJ/USD chart.
- There is a strong buy signal for INJ as buying pressure outweighs selling pressure.
Despite plummeting to an intra-week low of $6.46 in the previous 24 hours, the revelation that NFT financialization is coming to the Injective ecosystem has boosted investors’ confidence. Consequently, bulls raised the price of Injective (INJ) from its 7-day low to an intra-day high of $7.24 as of press time.
The financialization of NFTs is coming to the Injective ecosystem.Is your body ready?— Injective (@Injective_) April 24, 2023
Traders jumped into the rally expecting a lengthy bullish run, increasing INJ’s market capitalization and 24-hour trading volume by 9.06% and 41.15%, respectively, to $579,602,154 and $134,061,491.
If positive momentum breaks through the 24-hour high of $7.24, the next resistance level is $8.00, which might draw additional buyers and push the price of INJ higher.
INJ/USD 24-hour price chart (source: CoinMarketCap)
On the IN/JUSD price chart, the Relative Strength Index rating of 57.53 indicates that the bullish momentum exceeds the bearish momentum but is not yet overbought.
This RSI level implies that the price has space to grow before reaching the overbought area of 80. Consequently, the likelihood of breaking through resistance levels is strong, and traders may consider purchasing the asset as a possible profit opportunity.
With a Fisher Transform score of 2.36, this bull rise in INJ is predicted to continue soon, making it a good purchase for traders hoping to profit from the uptrend. Its advance above its signal line shows a strong buy signal, which adds to INJ’s bullish outlook.
INJ/USD chart (source: TradingView)
The Money Flow Index score of 51.27 supports the “buy” suggestion, indicating that there is more purchasing pressure in the market for INJ than selling pressure. This degree of purchasing pressure suggests that investors are bullish on INJ’s future performance and are ready to pay a premium for the stock.
With a value of 7.59, the Rate of Change indicates that the momentum of INJ’s price growth will likely continue soon, making it a potentially exciting investment possibility for traders trying to profit from the current trend.
INJ/USD chart (source: TradingView)
In conclusion, INJ’s bullish momentum is rising, presenting potential profit opportunities for traders with the token’s NFT financialization and positive technical indicators.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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