Injective price hitting a 30-month high suggests these similar small-cap altcoins may break out too
- Injective price may lead the rise among smaller-cap altcoins.
- The week has some major events lined up that could see many altcoins charting gains.
- INJ has risen by 27% in the past week.
The next few days are expected to be highly bullish for the crypto market as multiple developer conferences for small and large projects are lined up. The corresponding bullishness could see many tokens hit the ceiling, such as Injective price, but these couple of tokens are the ones that one should keep an eye on.
Injective price sees a buying spree
Injective price is not only among the aforementioned list of tokens to watch out for, but it could very likely be their leader, given its recent rise. In addition to marking a 27% rise in the span of a week, the altcoin has shot up by 130% in the past 30 days, bringing the trading price up from $7.36 to $16.80 at the time of writing.
INJ is presently testing a crucial barrier marked at $16.81, and breaching it would be a bullish sign for the altcoin. Testing it as support would not only mark a 30-month high but also set the Injective price up to make it to $20.00.
INJ/USD 3-day chart
However, on the off-chance that the bullish narrative pans out to lack the necessary strength to flip the resistance into support, Injective price could correct. This would result in INJ falling back down to $13.31, losing which would invalidate the bullish thesis and send the altcoin toward $12, undoing its recent rally.
These crypto tokens could make it big too
The month of November generally tends to be a good month for cryptocurrencies as the barrage of developer conferences held during this period translates to gains for altcoins. This time around, a similar outcome is expected of them, especially when it comes to some of the tokens mentioned below.
As noted by the popular trader and analyst Miles Deutscher, with the altcoin market capitalization breaking out of its 18-month downtrend, certain tokens could see the price rise, too. These altcoins include the likes of Yield Guild Games (YGG), which is set to host a summit from November 17th to 25th.
Weekly Token + Narrative Watchlist
— Miles Deutscher (@milesdeutscher) November 6, 2023
With TOTAL3 breaking out, there are lots of interesting altcoin setups to discuss!
(it's a big watchlist this week).
Starting with crypto gaming:$YGG: Yield Guild Games is set to host a summit from November 17th to 25th. Recently the… pic.twitter.com/r5Rbdts4P6
Gaming tokens, including STEPN (GMT), Axie Infinity (AXS), as well as Artificial Intelligence (AI) projects’ native tokens such as SingularityNET (AGIX) and Fetch.AI (FET) are poised to mark a significant rise.
Furthermore, even though Ripple (XRP), Arbitrum (ARB) and Solana (SOL) do not fall under the small-cap category, they are also expected to chart gains over the coming days.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
