The bullish rally for Injective started during mid-June 2023 when the price formed support at $5.60 and started to rise. The price surged nearly 76% and formed a high of $9.928. If the bullish momentum would have continued, the price would have shattered the annual high. The move was halted as the price faced strong rejection from $9.50.
INJ price did try to retest the high but rejected the $9.50 level. After the rejection, the price fell and broke the minor support of $8.85. Recently, the price formed support at $7.79 and is headed toward the support-turned-resistance of $8.85.
The previous candle closed as a strong bullish candle and the market structure shows that the current candle will soon break the high of the previous candle. If bullish momentum prevails, it might head toward the major resistance level of $9.50.
While on the other hand, if a candle is successful in closing below $7.79, the INJ price might head toward the next support level of $6.88. The market capitalization has increased by 3.14% to $684,238,872 while the 24-hour trading volume is down by 36.90%. The price is down 67.25% from the all-time high of $25.01.
Road Map Of Injective
The roadmap of Injective price seems to be promising. The launch of the Orbital chain is scheduled in Quarter 3 and Quarter 4 brings the Carcosa upgrade and Mesh Chain networks. In 2024, the Volan upgrade and multi-VM chain will be added. This will help the Injective price in blistering the bullish case.
Will INJ Price Retest $9.50 Resistance Level?
The cryptocurrency price is currently facing rejection from the 20-day exponential moving average, indicating the presence of bears in the market. If bearish momentum prevails, the 20-day EMA might act as a resistance to the price.
Chaikin money flow (CMF) score is -0.25 suggesting weakness in the market. Since August 1st, 2023, there has been a sharp decline in CMF. The relative strength index is 49.33 implying price is in neutral territory and facing the same pressure from bulls and bears.
The INJ price is hovering below the 20-day SMA of Bollinger and needs to rise above it. The long/short ratio is 0.93 with 48.28% longs and 51.72% shorts indicating slightly higher pressure from the selling side in the last 24 hours.
Conclusion
The market structure and price action of Injective is currently indecisive as the price is hovering around the support level. Technical parameters indicate the presence of bears in the market and the possibility of a downfall.
Technical Levels
- Major support: $7.79 and $6.88
- Major resistance: $8.85 and $9.50
