Injective (INJ) has recently experienced explosive growth, reaching unprecedented heights and piquing the interest of both experts and bitcoin enthusiasts. Over the past week, the digital asset increased by about 32%, and a paltry 1% over the last 24 hours.
At the time of writing, INJ was trading at $26.17. There is a chance that its price will explode, reaching as high as $380. Here, we analyze the factors that led to INJ’s great success and discuss what could happen in the future for this rising digital currency asset.
Injectable: Positive patterns
Given Bitcoin’s recent gains, Injective’s remarkable price growth aligns with the bullish trend in the larger cryptocurrency market. The overall market sentiment is quite hopeful, providing a prosperous environment for alternative currencies like INJ to thrive.
Analysts attribute this escalate to the arrival Ethereum ETFs July 23, as well as favorable market circumstances. This next event is likely to escalate investor interest in the cryptocurrency market, which will benefit altcoins and escalate their attractiveness to investors.
As more buyers flock to Ethereum ETFs and demand for altcoins grows, they will breathe modern life into the market. As a result of recent gains and generally good progress, injective is well-positioned to cash in on this trend.
Over $600 million worth of Bitcoin has been traded in the past 24 hours, giving it a market value of $2.44 billion. As the cryptocurrency market continues to grow, INJ’s rising trend could lead to even bigger price moves in the near future.
$INJ (Injective) is rising sharply after confirming a hidden bullish divergence and prices are trading above the key target level of $21.6541377 which on a logarithmic scale could mean that the current target is $380!
With full logarithmic follow-through we can observe prices… https://t.co/ahvxw8Z3gT photo: twitter.com/dfR4Xy1aSl
— JAVON⚡️MARKS (@JavonTM1) July 16, 2024
Technical indicators signal greater growth potential
A technical study by prominent bitcoin expert Javon Marks further fuels hopes around Injective. Marks found a Hidden Bull Divergence pattern on INJ’s price charts, a technical indicator of great bullish momentum.
After INJ price broke above a historic resistance point that often indicates a potential for a significant move higher, the significant logarithmic level of $21.65, this pattern formed.
Marks’ study reveals incredible growth potential for INJ, given its $380 price target. Based on current trading levels, this forecast shows an incredible 1350% upside. Excited traders and investors have responded to the Hidden Bull Divergence as they see this technical pattern as a good signal of future price growth.
If INJ continues its bullish trajectory, it could see incredible gains and confirm its position as a leader among cryptocurrency players.
Investor sentiment and short-term forecasts
Looking ahead, Injective’s short-term outlook is also really positive. Technical indicators and a Fear & Greed reading of 60, which shows a powerful sense of greed and optimism among investors, reinforce the overall positive outlook of the present. Recent forecasts see INJ is growing by 228.76% and will reach $86.92 by August 18, 2024.
Featured image is from Mel Magazine, chart is from TradingView
