Price analysis of Injective (INJ) indicates a possible trend reversal. Technical analysts are examining the chart for confirmation of an inverse head and shoulders pattern.
INJ Chart Structure Suggests Breakout Setup
INJ prices are forming a classic inverse head and shoulders structure with three defined parts: a left shoulder in early April, a head in mid-April near $8.50, and a right shoulder forming from late May into July. The neckline sits flat around $16.20, a level the price has tested multiple times but has not yet closed above.
Key Injective Price Levels in Focus
A confirmed breakout requires a daily candle close above $16.20. If this happens, the depth of the head to neckline, around $7.70, would project price targets up to $41.36. The targets have been calculated using Fibonacci extensions, with $26.36 and $34.32 serving as intermediate resistance zones.
Injective Price Accumulation Zone Nears Compression End
INJ is compressing in a tight range under the neckline. This zone has seen increased buying interest, as shown by previous retests. Traders are closely watching the daily close to confirm directional bias.
The situation with Injective prices indicates potential opportunities, but it is crucial for traders to closely monitor critical levels and directional movement for decision-making.
