Injective Labs (INJ) is consolidating in a Key price range between $9.40 and $16.00, signaling market indecision on the next move.
Injective traders are exercising caution following several weeks of INJ’s horizontal price consolidation. Injective is trading at $10.52, a 2.80% price drop despite a 59.82% surge in trading volume over the past 24 hours, at press time. Per Coinglass data, the coin’s open interest is rising, and the open interest(OI)- Weighted Funding Rate has turned positive, indicative of more buyers stepping in.
However, technical analysis suggests that INJ traders are at a crossroads, with the price fluctuating between $9.40 and $16.00 on the weekly chart. While a battlefield exists in this zone, traders could be anticipating a confirmed move that could spark a rally in either direction. A look into the technical indicators suggests a strong bearish pressure on the weekly timeframe.
What’s Next for INJ?
INJ has been forming lower highs and lower lows over the past months, facing a significant price drop. With the price consolidating in the current range, the bears appear exhausted, and INJ could be eyeing a price reversal from the trenches as investors “buy the dip”. Crypto analyst Crypto Tony has identified this reversal zone, noting on X (formerly Twitter) that:
We are holding firm between $9.40- $16.00 range. Waiting game now.”
Per the current technical setup on the weekly chart, if INJ bulls reclaim and break above the $16 key resistance level, the market could see a bull rally following this prolonged consolidation phase. A failure to hold above $9.40 could lead to further downside. Meanwhile, the current range remains critical for INJ’s price direction in the near term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their research before making financial decisions.
