Injective Protocol (INJ) struggled to see its price drop more than 90% from its all-time high of $24.8 against tether (USDT). Despite recently experiencing a huge pullback in the crypto market, Injective Protocol (INJ) continues to show immense strength, racking up double-digit gains. (Data from Binance)
Injective Protocol (INJ) Price Analysis on the Weekly Chart
INJ saw its price fall from $24.8 to around $0.9, with a decline of more than 90% from its all-time high despite good fundamentals. INJ price rebounded from hitting a weekly low of $0.9, and the price rallied back to $1.7, showing great strength.
The INJ price on the weekly chart needs to generate more volume as the price is facing resistance at $1.9 unable to trend higher. INJ price needs to break out with good volume for the price to have a good chance of trading above $1.9 and possibly in the $2.5 region.
INJ needs to break and hold above the resistance at $1.9 to form support for INJ price to have a chance to rise. If INJ price fails to break through this resistance region, we could see price retesting the lower weekly $1 region, acting as a good buy zone to push INJ price higher and maintain the sale.
Weekly resistance for INJ price – $1.9.
Weekly support for the price of INJ – $1.
INJ Price Analysis on the Daily Chart (1D)
The daily INJ price schedule looks choppy as prices continue to swing with little volume to break out of this range. The price of INJ needs to break out of this range with good volume for the price to trend towards $2.5. A breakout and close above the range channel prevents the INJ price from swinging towards support and would be good for the INJ price to rally to a $2.5 region.
On the daily timeframe, INJ price is currently trading at $1.6, holding above the 50 exponential moving average (EMA), acting as support for INJ price.
The Relative Strength Index (RSI) for INJ is at 50 on the daily chart, indicating low buy order volume.
Daily resistance for INJ price – $1.9 to $2.5.
Daily INJ price support – $1.
On-chain analysis of the NJI
Although still supported by many investors and partnershipsINJ saw a huge decline in all areas including price, volume, market circulation, and market dominance due to bearish sentiments in the crypto market.
Featured Image From zipmex, Charts From Tradingview and Messari