Injective Protocol Price Prediction: Can Bulls Mark New Highs Above $10 in 2023?

Key Takeaways:

• The Injective Protocol price is heavily consolidating within narrow ranges after falling from the interim resistance close to $8
• The bearish volume has accumulated to a large extent that may keep the price within a descending trend to a large extent 
• The drop in user activity raises alarms but a slight rise in development activity keeps the bullish hopes alive

Injective Protocol Overview as of 15 June 2023

Injective Protocol (INJ) Price	$5.63
24-Hour Price Change	-8.84%
7D Price Change	-19.7%
Market Capitalization	$451.16 million
Circulating Supply	80 million
Trading Volume	$57.27 million
All-Time High (ATH)	$25.01
All-Time Low (ATL)	$0.655
Fear-Greed Index	41 (Fear)
Sentiment	Bearish
Volatility	9.10%
Green Days	16/30 (53%)

INJ Price Forecast for this Week

The Injective price has undergone a massive descending trend throughout the past week and presently trying to trigger a notable recovery. Although the price rebounded from the interim lows of around $5.55, the bears are restricting the price to $6. The bulls seem to have drained out which may lower the pace of the rally. Therefore, the INJ price may consolidate below $6 for a while. 

Some volatility is expected to kick in in the crypto space during the weekend. This could lift the price as the previous weekend turned out to be pretty bearish. Hence, a significant recovery may be expected this time, with prices soaring above $6.2. Therefore, the Injective price for the week is slightly bullish as it is expected to mark new monthly highs. 

Read More: Solana Price Prediction

Injective Protocol Price Prediction for June 2023

After varying pretty hard during the end of Q1, the Q2 trade appears largely consolidated. The start of the monthly trade was on a huge bearish note as the price lost one of the major supports at $8.Since then, it has formed constant lower lows and highs, maintaining a fine descending trend. However, the trade is approaching the H1 close and hence notable volatility is expected to kick in. 

The trade has now entered the last fortnight of the quarter, while the markets are displaying some positive momentum. The prices are believed to hover around the same levels for a while, which may further offer the required strength to trigger a fine upswing ahead. By the end of the month, the INJ price could trade around $6.6 to $6.8, if it manages to breach the resistance at $6.48.

Injective Protocol Price Prediction 2023-2024

The Injective price is believed to remain bullish by the end of H1 2023, which may keep up the rally during the second half. The prices are believed to display some strength, as they could form new highs for the year until the end of the year. However, the bearish influence may remain over the rally as they may challenge the bulls at each resistance. Eventually, the INJ price is expected to close the yearly trade on a bullish note, trading somewhere between $7.8 and $8.5. While an extended bullish push may raise the price above $9. 

The INJ price may quickly achieve levels above $10 in the first quarter of 2024 and maintain a healthy upswing until the end. However, after reaching a double-digit figure, the bears are expected to extract their profit, which may drag the price to a single-digit figure. Further, at the beginning of the second half, the bulls may outpower the bears and trigger a fine upswing, which may transform into a bull run. The INJ price could soar beyond $25 and form a new ATH close to $35 to $40 by the end of the year. 

INJ Price Prediction 2023-2050

YEAR	Injective Protocol Price Forecast
2023	$9.5 to $10.2
2024	$35 to $40
2025	$42 to $45
2026	$38 to $40
2030	$80 to $95
2040	$150 to $170
2050	$220 to $250

Injective Protocol Technical Analysis

Source: Tradingview

•  The Injective price has been trading along the lower trend line since the beginning of the year and the recent rejection formed a decent symmetrical triangle
• The price is currently hovering around the average levels and hence is believed to maintain a consolidated trend until it reaches the apex of the consolidation.
• Although the RSI is not displaying a strong movement, ADX is going bullish which indicates the mounting strength within the rally
• Therefore, the INJ price could further sustain above the crucial support at $5.1 and attempt to rise above the interim resistance at $6.7 which may enable the price to break out from the triangle and test the upper target at $8. 

Will Injective Protocol Price Drop Again in 2023?

Injective price has lost most of the gains, it has incurred since the beginning of the year. The bulls currently appear to be well in position and hence are believed to trigger a fine upswing toward a double-digit figure. Therefore, the trend may remain largely elevated, although the bears continue to strengthen their presence at frequent intervals. Therefore, the possibility of a massive drop may not be expected, but small pullbacks may make their way out. 

Injective Protocol On-Chain Analysis Overview

Injective Protocol Daily Active Address

Source: Santiment

The network’s popularity is largely dependent on user activity, which determines the adoption and demand for the token. The user activity is calculated in terms of daily active addresses, which is a count of the addresses that interacted with the network to perform a trade. All the addresses, regardless of buy, sell, or swap, are considered, but only once at a time. A rise in the DAA may directly impact the price, which could soar to a large extent. 

Unfortunately, the active address count for the INJ price has been bearish for the past few days. After reaching interim highs above 500, the count dropped heavily below 200 and currently stands around these levels. Therefore, the drop in the DAA may point towards lower volatility and volume, compelling the price to trade sideways for a while. 

Additional Read: Uniswap Price Prediction

Injective Protocol Development Activity

Source: Santiment

Fundamentally, the development activity determines the platform’s ongoing improvements and upgrades. The activity is recorded in the GitHub repository, which is generally public and accessible to all. It is calculated in terms of commits submitted, which are nothing but the number of queries, suggestions, responses, or upgrades submitted over the platform. The activity does not impact the value of the token in the short term but may help build confidence in the trader over the long term. 

The development activity had peaked in the first few days of May above 17, but soon witnessed a massive drop and currently stands close to 10 after marking lows close to 6. The drop in activity is not a good sign for a healthy rally as the traders become unsure of the network and its upgrades, which may negatively impact the price in the long term. 

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