The Injective (INJ) token faces changes in the market cycle, causing trader concerns. Analysis shows the token might be on the verge of further downside.
Injective Market Cycle and Price Analysis
According to crypto analyst Ali, INJ's price has moved through the typical psychological cycle stages, from disbelief and hope in late 2022 to reaching its peak in 2024. Currently in the anxiety phase, the price may transition to denial, panic, and capitulation phases.
Key Support and Resistance Levels for INJ
Current support levels for INJ are in the $10-$12 range, historically providing stability. A break below this range could push the price to the $7-$8 zone. Resistance is found at $30-$35, marking the complacency stage. A recovery attempt might meet resistance at $18-$20.
Possible Scenarios for Injective Price Movement
If the current support level holds, short-term consolidation is possible. However, continued negative sentiment might drive the price into denial and panic phases. Recovery requires positive market catalysts and new demand.
Traders and investors remain vigilant as INJ navigates the changing market conditions.
