INJ Price Prediction: Sideways is the Way

INJ price prediction on a daily chart implied that INJ may continue to hover in a sideways consolidation phase ahead. The token may cross the $23 mark on the upside or the $17 mark on the lower side.

Injective (INJ) price was recently rejected from the 200-day EMA cluster and is showing a bearish trend. The chances of a successful breakout are low. INJ price has fallen below key EMAs that have been driving selling pressure throughout the week.

It stagnated in a significant range and could not rise above the $23 level after many attempts. However, the bulls are struggling to consolidate the ascending trend line support at $17. They aim for a recovery.

While a sell wave is expected, INJ price may stall near the $17 support. Consolidation is expected in the coming period. The token has experienced a significant decline in the last two weeks, falling by more than .

Analysts' Perspective on INJ Price

In a recent tweet on X, Crypto Tony said that the Injective token price is trading close to the demand zone. A reversal closing candle would also confirm a bounce towards the $22 level. Follow it closely and chase the long process for a good entry.

$INJ/$USD – Update Waiting for that reversal closing candle, it will give me a good entry confirmation pic.twitter.com/YbHaruEQ7o

Also, AltcoinView highlighted that the Injective token is trading within a falling channel. But he still looked strong.

$INJ is still playing in the daily falling trend channel. But it still respects the levels in the BC correction box. For now we want a breakout from $19 so we can see if we close above $20.41. If we succeed, it is necessary to attempt a breakout from the falling trend channel… pic.twitter.com/a4QEEndPfN

A daily close above the $19 level will allow the bulls to retest the $22 level. This will be followed by the $23.29 level for a significant breakout attempt.

The token has shown less price movement in the last few sessions due to sideways movement.

INJ Price Prediction: Sideways Movement Continues

INJ price prediction on the daily chart showed that INJ may continue to remain in the sideways consolidation phase in the coming period. The token could surpass the $23 level on the upper side or the $17 level on the lower side. Until then, an intermittent movement will continue.

Also, the price action showed that the sell trend remained intact as it rose. Buyers failed to generate enough interest to stay above the 50-day EMA. This showed low buying interest from investors.

Injective price decreased by more than 2.30% on a daily basis, trading at $18.47. It ranked 46th among the top 100 cryptos and had a market value of $1.83 billion.

The total supply of the token is 100 million units. It recorded a decrease of 0.20 in trading volume in the last 24 hours.

Despite the price consolidation, the Injective token has created enough bullish sentiment. This upward trend may lead it to a potential breakout in the coming days.

Active User Data Showed an Increase

Injective token daily active user data has recorded a significant increase. This week it rose from 6,400 to 6,900. This emphasized the positive expectation of market participants.

However, the token's Total Value Locked (TVL) data showed significant intermittent movement. At press time it was approximately $49.58 million.

Futures market data showed a neutral sign. Indecision was also observed. Open Interest (OI) fell 1.20% in the last 24 hours to $101.14 million, indicating a move where long positions were closed.

Instant support zones for INJ are $16.80

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