Injective (INJ) Price Analysis Suggests Potential Target Around $6

The Injective (INJ) token has been mostly stagnant over the past 24 hours, showing very little market movement. Over the past week, the token’s price rose 7.95%, signaling growing momentum in the market.

The current price of Injective is $5.09. Its 24-hour trading volume is 49.7 million, marking an increase of 23.36%. The token’s market capitalization rose 0.57% to $509.29 million, placing the token among the market’s top performers.

Also Read: Injective Holds Support at $4.41: Could INJ Rebound Toward $29?

Key Support Levels Identified For INJ

From a technical perspective, in the 2-day chart, the token is still in a bearish market, forming lower highs and lower lows. The selling pressure is weakening close to the lower Bollinger Band. The immediate support is at $4.80, followed by support at $4.20-$4.00. The resistance levels are at $5.30-$5.50, followed by $6.00 and $6.80-$7.20.

The 9-EMA is being tested from below, while there is bearish strength in MACD momentum that is decreasing as the lines come closer together and the histogram turns positive. There is yet no confirmation of a trend reversal in the market; therefore, caution is advised for traders.

Daily Trend Shows Sellers’ Continued Market Control

As presented by the crypto analyst @TurboBull21, the token is still in a strong downtrend in the daily chart, forming lower highs and lower lows since the strong breakdown in late October. Furthermore, the price is still below the 50-day EMA and 200-day MA, confirming that the market is in control of the sellers. Although the strong sell momentum in late October shifted the momentum to the bearish side, the current base at $5.00 still appears to be a correction.

Resistance is at $5.25-$5.30, followed by $6.00 as a strong psychological level. Other levels include $8.19 and $10.10-$10.13 (200 MA). A close above $6.00 will improve the chances of a recovery, while a close above $10.10 will confirm a trend change.

The main support level is placed at $5.00-$4.80, which is the current level of consolidation. A fall below this level will yield other support levels at $4.20-$4.00. Losing $4.00 can result in further selling pressure. Price movement is supportive of selling on rallies until the token breaks above major resistance levels.

Also Read: Injective Price Surge Incoming: INJ Could Hit $48 Soon