Sep 15, 2022 12:05
Injective Protocol (INJ) has had a tough time seeing its price shed over 90% from its all-time high of $24.8 against tether (USDT). Despite recently seeing a huge pullback in the crypto market, Injective Protocol (INJ) continues to show immense strength, racking up double-digit gains. (Data from Binance) Related Reading: NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume Injective Protocol (INJ) Price Analysis On The Weekly Chart INJ saw a decline in its price from $24.8 to around $0.9, with an over 90% drop from its all-time high despite having good fundamentals. The price of INJ bounced off after touching a weekly low of $0.9, and the price rallied to $1.7, showing some great strength. The price of INJ on the weekly chart needs to build more volume as the price is faced with resistance at $1.9, unable to trend higher. INJ’s price needs to break out with good volume for the price to have a good chance of trading higher above $1.9 and possibly to a region of $2.5. INJ must break and hold above the resistance at $1.9 to form a support for the price of INJ to have a chance to trend higher. If the price of INJ fails to break this resistance region, we could see the price retesting the lower weekly region of $1, acting as a good buy zone to push the price of INJ higher and to hold the sell-off. Weekly resistance for the price of INJ – $1.9. Weekly support for the price of INJ – $1. Price Analysis Of INJ On The Daily (1D) Chart The daily timeframe for INJ prices looks choppy as prices continue to range 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 to $2.5. A break and close above the range channel prevents the price of INJ would be flipped into support and would be good for INJ price to rally to a region of $2.5. On the daily timeframe, the price of INJ 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 the INJ price – $1.9-$2.5. Daily support for the INJ price – $1. Onchain Analysis Of INJ Despite still being backed by many investors and partnerships, INJ has seen a tremendous drop across all boards, including price, volume, market circulation, and market dominance, due to the bearish sentiments across the crypto market. Related Reading: Ravencoin (RVN) Records 90% Increase, Community Warns About Price Speculation Featured Image From zipmex, Charts From Tradingview and Messari
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