Injective (INJ) continues to move on a downward price trajectory as bearish pressure weighs on sentiment. Over the past 24 hours, the token has slipped about 3.83%, while on the weekly timeframe, INJ remains weak, recording another decline of nearly 1.07%.
At the time of writing, the token is trading near $4.41, signaling sustained pressure despite increasing trading activity. Its 24-hour trading volume has surged to $39.88 million, up 15.73%, while the market capitalization stands around $441.5 million and is down 3.83% overall.
Also Read: Injective Price Surge Incoming: INJ Could Hit $48 Soon
INJ Price Holds Within Long-Term Descending Channel
However, there is still a continuation of the downward channel for the INJ. The token maintains a bearish macro outlook as it reaches both the upper level of the resistance and the lower level of the support. Nonetheless, the price is currently approaching the lower boundary of the channel, around the price of $4.2-$4.8.
If this trend of support remains in place, there is a chance for a recovery in the price levels of the token. The first resistance point will be around the middle of the channel at the price points of $8.5 to $10. The price levels have made a regular trend at these points.
In an even stronger bullish continuation scenario, the token might move towards the upper boundary of the channel, testing $14, $17, and ultimately the $24 to $29 area. But a strong break below the current levels of support will render the bullish scenario impossible and will usher in the possibility of lower levels.
Indicators Signal Pressure With Cautious Stability
The current level of the RSI stands at around 36-37, which is below the 50 level. This is an indication of a lack of strength for the bulls, showing that the sellers are still in control of the market. However, it is not yet at the oversold level, so there is always a possibility for further decline to occur.
The MACD is making a slight move towards recovery, as the blue MACD line is attempting to get closer to the signal line, and the histogram is also trending towards the light green color. This indicates that the bearish momentum is decreasing, but a bull crossover has not yet been achieved.
Also Read: Injective (INJ) Faces Bearish Breakdown as Analyst Targets $9
