Prices for Injective token (INJ) have dropped nearly 20% from a recent peak. Key support levels and growth potential are discussed.
Current Price Position of Injective
After reaching a maximum of $16.35 on July 28, the token has decreased to $12.80, falling below the 20-day exponential moving average. Currently, the price is approaching a support zone of $12.10 to $12.20, which previously acted as resistance and aligns with the 50-day simple moving average. Price recovery will depend on easing selling pressure.
Technical Analysis and Potential Breakout
Market analysts are monitoring a possible rebound from current levels. A recovery above the 20-day EMA and a decisive close beyond the $15.50 to $16.00 range could confirm a breakout. This would point toward a $25 target, representing a potential 105% rally from current levels.
Future Price Action of INJ
As long as Injective remains around the $12.10 to $12.20 range and recovers trading volume, the bullish structure will remain intact. However, failure to hold above $11.20 could undermine this setup and focus attention on the $10 level. Currently, traders are looking for confirmation of support and potential buying pressure for further price increases.
Current trends show a mixed picture for INJ token, but the presence of support near $12.10 may create opportunities for future growth if key levels are respected.
