INJ Token Surges Over 5% Amid ETF Registration in Delaware
The native token of the Injective blockchain, INJ, rose over 5% to approximately $13.60 on June 10, with trading volume increasing by 13% to $115 million.
This price increase follows the registration of the "Canary Staked INJ ETF" trust in Delaware by asset manager Canary Capital, marking a preliminary step towards potential SEC registration for an exchange-traded fund.
Key points include:
- Bollinger Bands indicate tight price action near the upper band at $13.55, suggesting increased volatility.
- The 20-day SMA is at $13.05, serving as initial support.
- RSI is at 57, indicating moderate bullish momentum; further increases could signal more buyer strength.
- Resistance levels identified around $16 and $20.
- MACD shows a recent bullish crossover, with potential for widening positive momentum if volume rises.
- Support levels noted at $12 and $11.10 based on past price structure.
- Analyst Lennaert Snyder highlights a bullish continuation setup on the 4-hour chart after breaking and retesting key resistance at $13.02.
- Next major target identified at $20, contingent on overcoming the $15.22 resistance level.
INJ price chart with RSI and Bollinger Bands | Source: Trading view
INJ price chart with MACD | Source: Trading view