INJ Price Poised For Reversal: Can Bulls Dominate Ahead?

INJ price caught investor interest and surged over 7% intraday following a recent launch of the tokenized index for BlackRock's BUIDL.

The price of Injective (INJ) token surged over 7% intraday following a recent launch of the tokenized index for BlackRock’s BUIDL.

The BUIDL fund, which stands for BlackRock USD Institutional Digital Liquidity Fund, offers an avenue for institutional investors to venture into the U.S. Treasury and other asset classes.

Adding to the news development, the price divergence indicator for Injective (INJ) triggered a buy signal, indicating significant accumulation. This week, the signal aligns with the improving market sentiment, which typically favors the INJ price rise.

Price DAA Divergence | Source: Santiment

A crypto analyst known as @GVRCALLS gave a bullish commentary on Injective. According to the analyst, the INJ price could rise 30-50% in the next two weeks. It gave a bullish outlook on it and anticipated a near-term reversal ahead.

$INJ Bullish Break ✅Expecting 30-50% raise in next 2 weeks pic.twitter.com/LZACnEV83g

Tweet By @GVRCALLS | Source:X

The technical chart setup suggests a possible reversal in the upcoming sessions. A double bottom pattern was observed near the demand zone of $15.

The INJ price noted a strong volume surge of over 35% in the intraday session. It is set to flip the resistance mark of $20 soon.

Its technicals prefer a reversal, and the correction has ended. In the near term, INJ crypto is a strong contender to watch out.

INJ Crypto Poised For Reversal: Can Bulls Dominate Ahead?

The daily chart indicates that INJ price has strong support around $15. Also, a double-bottom formation exhibits the possibility of a bullish reversal ahead.

The INJ price trades at $17.03, up over 7.16% at press time. Based on the market cap of $1.67 Billion, the INJ token ranks 45th.

The price action suggests that INJ crypto has been making a base around the $15 mark and is looking for a reversal. Yesterday’s session noted a bullish engulfing candlestick, which signifies the bullish reversal cues.

INJ Price Volume Chart | Source: Santiment

The Relative Strength Index (RSI) showed an uptick in the oversold zone, indicating a rise in the buying momentum. Moreover, the CMF indicator reading prefers a possible upward movement in the short term.

However, the downtrend is still intact, and the sellers have not exited their short positions yet, which is a concern for the bulls.

Development Activity Data Witnessed Steady Growth

The development activity data witnessed a steady upswing amid the INJ price fluctuations. This showcased the constant growth in the ecosystem.

Going forward, the Futures market data gave a strong bullish conviction. The Open Interest rolled up 13.20% to $79.83 Million, implying long additions in the past 24 hours.

However, the INJ price trades below the key moving averages. The buyers must cross the $20 mark to flip the resistance into the support zone. Doing so would provide the necessary boost to initiate a sustainable recovery.

A break and close above the $18.30 mark could send the INJ price toward the $20. The $22 mark followed it in the upcoming sessions. Conversely, failing to hold gains around the $16 mark would result in a significant selloff. Also, the token could reach the $15 mark.

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