Can Injective (INJ) Continue Its Rally Following the Upbit Listing?

• Injective marked a spike of over 10%, over the day.
• South Korean crypto exchange Upbit announces to list the $INJ.

The crypto market is briefly rebounding as the anticipated October momentum steamed. The altcoin, Injective ($INJ) has soared over 10% in the early hours, crossing the $23 mark. The $INJ rally coincides with the listing on the South Korean crypto exchange, Upbit.

Upbit has officially listed Injective ($INJ) to its trading platform, enabling investors to trade the token in KRW (Korean Won) and USDT markets. Trading for $INJ is set to begin on October 17, 2024, at 18:15, as per Upbit’s official announcement.

Besides, the analysts anticipate $INJ could soon hit the potential $24 range, as the listing expects to boost Injective’s liquidity.

Despite the surge, the $INJ price failed to rise further, instead dropping to a low of $20.36. Currently, the asset is trading at $21.37, noting a moderate gain of 1.16%. Amid this, $INJ’s daily trading volume has surged by over 107%, positioned at around $249 million, according to CMC data. Meanwhile, the market recorded a liquidation of $966.16K worth of Injective during this timeframe, as per Coinglass.

What’s Ahead for $INJ?

Evaluating the past thirty days, $INJ has gained by 9.38% and marked the monthly low at $18.61. When looking at the weekly price momentum, a steady spike above 9.40% is noted. Eventually, the asset climbed from $18 to a high of $22 mark.

Looking ahead at the revival of $INJ, the initial resistance could be tested at the $23.77 range. If the bullish wave sustains, the price will go high. Conversely, a strong bearish trajectory of the asset could take the price to immediate support near the $19.63 zone.

While analyzing the 24-hour price chart, Injective’s daily relative strength index (RSI) stood above 54, indicating the asset’s presence in the neutral zone. Moreover, the technical indicators of the token, the short-term 9-day MA and long-term 21-day MA were at $20.95 and $21.26, respectively.

Furthermore, the Moving Average Convergence Divergence (MACD) line falls below the signal line, suggesting a bearish sentiment that may trigger the incoming bear run.