The market has been trading sideways for the fourth day with a minor correction of nearly 1% in value compared to the previous day. Bitcoin is trading close to its important level of $34,000 and is expected to test it soon.
Injective price, on the other hand, has clicked the attention of the market as the coin has gained over 11% in value in the past day and has added over 59% within the past week.
Following the news of Injective’s official data integration availability on the Google Cloud, the price experienced a jump of over 10%.
The coin was trading in a consolidated range between $7.205 and $8.046 since the start of October. Following the market surge, the price gained momentum and successfully broke out of the resistance level at $8.046, after that, the token gained massive momentum and broke out of multiple resistance levels at $9.264 and $11.411 but was rejected at $12.672.
After multiple failed attempts to break out of the resistance level, the injective token started trading in a closed range between $11.411 and $12.672. Recently, the token finally gained enough momentum to break out of the resistance level. The INJ coin was then rejected at the upper resistance level of $13.375, following which the coin has been hovering close to that level.
The RSI displays a strong bullish sentiment as the coin has been trading above the mid-point for more than two weeks now. Further, the averages hover just above their overbought range, suggesting a strong bullish sentiment in the market.
If the Bulls continue to hold power and push the price above the resistance level of $13.375, they will regain momentum and make a run to test its upper resistance of $15 soon.
Conversely, if the bears overpowered the bulls and a trend reversal occurs, the INJ price will lose momentum, break down its support level of $12.672, and prepare to test its lower support level of $11.411. Moreover, if the bulls fail to hold the price at that level, the Injective token will continue to dip and test its crucial support at $9.264.