Investment analytics of Injective (INJ) highlights the current market state, showing consolidation around key support and resistance levels.
Current Market Situation for INJ
According to crypto analyst Crypto Tony, the INJ/USD pair remains in a range, with support around $10 and resistance at $16.15. The current price of Injective is fluctuating between $10 and $16.15, indicating that no clear bullish signal is expected in the near term. If the price fails to break the resistance level of $16.15, the possibility of consolidation at current levels remains.
Coinbase Accumulation Strategy
Recent reports confirm that Coinbase is actively accumulating INJ, spreading its holdings across 25 cold wallets, which only contain INJ tokens. The largest of these wallets holds close to 300,000 INJ. Many users in the crypto community interpret this as a sign of institutional investor confidence in this cryptocurrency.
Short-Term Forecasts and Support
Short-term forecasts for INJ remain positive as long as the price stays above the support level of $11.80. Currently, INJ is trading at $11.53, showing a minor decline of 1.25% over the past 24 hours. Technical indicators also show buying interest; however, holding the $11.80 support is critical for any further positive movement.
Given the current situation, INJ is trapped within a range between key levels. A breakout above the resistance at $16.15 and support at $11.80 will determine further market movements.
