The price of the cryptocurrency Injective (INJ) shows consolidation in a key range, raising questions among traders about the next market movement.
Current Market Situation of INJ
Injective (INJ) is trading at $10.52, marking a 2.80% drop despite a 59.82% increase in trading volume over the past 24 hours. Coinglass data indicates rising open interest, and the positive funding rate suggests increased buyer interest.
Price Forecasts for INJ
Technical analysis shows that INJ is at a crossroads, fluctuating between $9.40 and $16.00. Traders may be anticipating a confirmed move that could trigger a rally. However, technical indicators suggest strong bearish pressure on the weekly chart.
What’s Next for INJ?
INJ has been forming lower highs and lower lows for several months, leading to a significant price drop. However, bulls may begin to step in within the consolidation zone if INJ holds above $9.40 and breaks through the $16 resistance level. Otherwise, further declines may be likely.
The current situation with INJ indicates significant market uncertainty, and traders should watch price movements closely. A confirmed breakout above $16 could signal potential upside.
