Injective Protocol’s (INJ), has seen its price drop over 90% since its record high of $24.8 against USDT. Injective Protocol continues to be strong despite a significant pullback in crypto markets. Data from Binance
Injective Protocol Price Analysis on The Weekly Chart
INJ’s price fell from $24.8 to $0.9, a drop of over 90% from its high. Despite having strong fundamentals, the INJ stock was still very affordable. INJ saw a rebound after hitting a low of $0.9 for the week. The price rose to $1.7 which is an indication of its strength.
INJ’s weekly price chart should show more volume because it faces resistance at $1.9 and is unable to trend further. 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 needs to break the $1.9 resistance to allow it to continue trending higher. In the event that the INJ price fails to breach this resistance area, the price could retest the $1 lower weekly range, which would act as a buy zone and push INJ’s price higher.
Weekly resistance for the price of INJ – $1.9.
Weekly support for the price of INJ – $1.
Inj On The Daily (D) Chart Price Analysis
Daily INJ price fluctuations are choppy. Prices continue to vary with low volume and little movement out of their range. INJ must move out of the range in order to reach $2.5 with high volume. If INJ prices break below the channel, it will be turned into support. This would allow INJ to rally towards $2.5.
INJ’s price is trading at $1.6 per day, above its 50 Exponent Moving Average (EMA), which acts as support.
Relative Strength Index for INJ (RSI), is 50 on the daily charts, which indicates low volume buy orders.
Daily resistance for the INJ price – $1.9-$2.5.
Daily support for the INJ price – $1.
Onchain Analysis of INJ
INJ, despite being supported by numerous investors and partnerships has suffered a significant drop across all board, including price and volume. It is likely that this was caused by the bearish sentiments in the crypto markets.
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