Top Altcoins Display Bullish Price Action! INJ And STX Price Poised To Record More Gains?

The post Top Altcoins Display Bullish Price Action! INJ And STX Price Poised To Record More Gains? appeared first on Coinpedia Fintech News

As the star crypto gained momentum, the whole crypto space followed in its footsteps and recorded significant price jumps. On the other hand, the dominance of altcoins is on the rise, indicating an increase in funds inflow in the crypto industry.

Top coins such as Injective and Stacks prices have added over 35% and 20% in their respective value, making them one of the top gainers of the crypto space in the past day.

Injective Price Analysis:

The INJ price traded in a consolidated range between $14.147 and $18.490 for over a month, following which the market gained momentum and the price surged. However, the rally was short-lived as the price faced rejection at $20.615, following which the price traded sideways for a while.

After this, the bulls regained momentum and recorded a jump of 48.5% within hours and gained significant market attention. After facing rejection at $27.461, the price witnessed a correction of over 13% in value.

The bulls held the price strong above the support level of $23.826, resulting in a price bounce back. The Injective coin price has jumped over 35% within the past 24 hours and recorded a new high, indicating a strong bullish influence for this token in the market.

The technical indicator, MACD, displays a jump in the histogram, indicating a massive ongoing price action for the coin in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days.

If the bulls hold the price above the support level of $27.461, the price will make a run to test its new high of $32.183 in the coming days. Conversely, if a trend reversal occurs, the bulls will lose momentum, and the price will fall to test its lower support level of $23.826 this month.

Stacks Price Analysis:

The STX price traded in a closed range between $0.580 and $0.6914 for most of November. The Stacks token successfully broke out of its resistance level during the month-end, but the rally was short-lived as the price faced rejection at $0.80.

After this, the price experienced a short selling in its price, resulting in the coin wiping out all its recent gains. As the market gained momentum, the STX coin price jumped over 81% in value and recorded a new high of $1.2548.

After multiple attempts to break out, the price lost momentum and recorded a correction of over 30% in value. The bulls held the price strong above the support level of $0.8756, resulting in the price experiencing a jump of over 20% within the past day.

The Moving Average Convergence Divergence (MACD) displays a constant rise in the histogram, indicating an increasing buying pressure for the coin. Moreover, the averages record a bullish convergence, suggesting the price will show significant price action in the coming time.

If the bulls push the price above the resistance level of $1.0905, the price will make a run to test its upper resistance level of $1.1775 in the coming days. If the market holds the price at that level, it will prepare to test its high of $1.2548 this year.

Conversely, if the bears overpower the bulls, the price will lose momentum and prepare to test its support level of $0.9749. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $0.8756 in the coming week.