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Injective: Can INJ Bulls Hold Key Support at $21.65?
The price of Injective (INJ) has been in a tumultuous state lately, with its value showing no signs of slowing down as the market continues to fluctuate wildly. Amidst all the noise, bulls are attempting to hold onto key support at $21.65.
In recent times, INJ’s performance has been characterized by a strong rally, which is now being tested by bears in their efforts to push the price further south. The $21.65 level is crucial for the bulls, as any failure to maintain this position could spell doom for future growth prospects.
According to experts, if the price fails to hold above this mark, there’s a good chance that bears will gain the upper hand and drive the price further down. This risk would be heightened if the RSI (Relative Strength Index) falls below 42.50.
While INJ has been in a downtrend for some time now, its recent gains have sparked speculation about an impending reversal. With open interest trending upward since October and trading volume jumping by a whopping 9.54%, it’s not impossible to imagine that the tide could turn at any moment.
In other words, there is no guarantee of success here; however, INJ bears do seem to be getting less aggressive with time.
Source: ambcrypto.com
