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INJ Price Analysis: Injective Holds Above Key Support Despite 3% Daily Drop
The Injective (INJ) price has experienced a moderate decline of 3.08% over the past 24 hours, retreating from its daily high to current levels around $14.17. However, it is essential to note that this correction has not compromised the token’s technical profile, as key support levels continue to hold firm.
Despite the minor dip, technical indicators suggest INJ price maintains a strong bullish momentum. The Relative Strength Index (RSI) sits at 55.21, remaining in neutral territory but with room for upward movement before reaching overbought conditions. This positioning suggests that the recent pullback may be temporary and can represent an opportunity for swing traders to re-enter long positions or day traders to initiate a short-term buy order.
The Moving Average Convergence Divergence (MACD) presents particularly encouraging signals, with the main line trading above the signal line at 0.2415. This scenario confirms that bullish momentum remains intact for INJ, implying the current correction may be brief and limited.
Injective’s chart also highlights its support from moving averages across multiple timeframes. The token is currently above its 7-day Simple Moving Average (SMA) at $13.77, 20-day SMA at $13.83, 50-day SMA at $12.63, and the long-term 200-day SMA at $12.13. This alignment reinforces the overarching trend structure’s bullish orientation.
Finally, the Bollinger Bands provide insight into price action directionality. INJ currently sits between its middle band at $13.83 and upper band at $15.53, indicating balanced price movement with room for further upward action on both sides of this zone.
In conclusion, despite a minor daily correction, Injective’s technical profile remains constructively bullish. Traders should focus their attention on the $16.35 resistance level as an area to watch for breakout signals. Furthermore, it is crucial to respect the $13.83 support as a critical level for the near-term bullish case.
This article was written by Zach Anderson
Source: Blockchain.News
