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Injective: Can INJ Bulls Hold Key Support at $21.65?
As the cryptocurrency market remains volatile and unpredictable, recent price action suggests that Injective’s [INJ] price has stabilized around the critical support level of $21.65. With technical patterns still in play, rising futures interest, and strong trading volume, the setup for INJ remains poised for further upward movement.
Following a prolonged downtrend, INJ has been attempting to break out of its recent lows. The chart shows the formation of a rounded bottom pattern, resulting in a strong rally that has buyers defending the $21.65 support level. To maintain this bullish trend and continue the momentum, it is crucial for INJ bulls to hold this key support.
According to analysts, if the price fails to hold above this pivotal point, the next significant support lies around $20.31. In contrast, a decisive break above the 49-day moving average at $29.06 could propel the cryptocurrency towards an impressive 12x surge to approximately $380.
Data from IntoTheBlock reveals a decline in network engagement for Injective, with new addresses dropping by 21.66% and active addresses falling by 11.34% over the past week. Despite this decline, the fundamentals of the network remain supported by existing users.
Meanwhile, Coinglass data highlights consistent trader participation, as Open Interest (OI) for INJ futures has been trending upward since October, despite a minor 0.80% decline in OI to $174.37 million. Trading volume jumped an astonishing 9.54%, indicating ongoing interest and confidence from investors.
With these market trends in place, it appears that the cryptocurrency is poised for further price appreciation, as long as the bulls can maintain control around this critical support level.
Source: ambcrypto.com
