- The INJ price is down 4.14% in the last 24 hours.
- Weekly performance remains stable despite the market downturn.
- Chart patterns signal a possible breakout toward $28.
- RSI and MACD readings indicate room for upward movement.
Injective (INJ) is facing downward price movement as the broader crypto market turns bearish. Bitcoin’s pullback after touching its new all-time high above $124,000 has triggered sell-offs across multiple altcoins.
The token has not been spared from the impact, falling 4.14% over the last 24 hours. Despite this decline, the price on the weekly chart remains stable, showing resilience when compared with sharper drops in other tokens.
At the time of writing, INJ is trading at $14.36, with a 24-hour trading volume of $211.21 million, down 30.03% from the previous day. The market capitalization stands at $1.43 billion.
INJ Daily Chart Shows Ascending Triangle Pattern
According to the crypto analyst Ali, the INJ daily chart reveals an ascending triangle pattern, often considered a bullish continuation setup. Price action shows higher lows converging toward horizontal resistance at $16.12. This level has become a key barrier for bulls.
A successful breakout above it could open the way toward Fibonacci extension targets at $20.27, $22.83, and $27.11, with the final closely aligning with the $28 resistance zone highlighted by Ali charts.
The structure suggests potential for a near 100% increase if bullish momentum builds. However, a retest of $13.50–$14 could occur before any sustained rally, making this support range vital to protect the bullish case.
Also Read: Injective (INJ) Eyes $26 as Ascending Triangle Signals Bullish Momentum
Technical Indicators Show Balanced Momentum
The Relative Strength Index (RSI) is at 51.50, so there is balanced momentum in play, but there’s a slight bullish bias. That’s a consistent recovery from oversold levels encountered in May, which shows that buying strength has been steadily coming back.
The Moving Average Convergence Divergence (MACD) line is higher than its signal line, registering positive histogram readings indicative of buying pressure. The recent flattening, though, indicates momentum could be easing and should be carefully monitored during the sessions to come.
Derivatives Data Signals Steady Participation
The derivatives data show open interest at $188.02 million, down 2.37%, indicating slight position unwinding but overall robust participation. Previous upsurges in prices have occurred concurrently with highs in open interest and advances in trading volume, a trend to be monitored if bullish interest resumes.
The OI-weighted funding rate stands at 0.0048%, revealing a minor long bias in perpetual futures. A minor disparity indicates balanced weighted sentiment, as the bulls and bears do not enjoy a commanding lead. The big test for traders continues to be whether INJ can establish itself above $16.12 on solid volume.
Weekly performance remains stable. INJ has formed an ascending triangle, targeting a potential breakout toward $28 if the $16.12 resistance is breached. RSI and MACD indicate bullish momentum, while derivatives data show steady market participation. The $13.50–$14 support zone remains crucial to maintain upward momentum.
Also Read: Injective (INJ) Price Jumps 6% – Is a Breakout to $37 Coming Soon?
