Bittensor (TAO) and Injective (INJ) face market challenges, testing their key support and resistance levels. Crypto analyst Sjuul took to X to share the potential price trajectories of the two tokens while highlighting key levels to watch.
According to the analyst, TAO had a bounce from support but faced rejection at a crucial S/R level. Meanwhile, INJ consolidates within a defined range, with attention on its demand box for potential long positions.
What you'll learn 👉
Bittensor (TAO) Battles Market Downturn
Sjuul, in his tweet, Sjuul noted that TAO bounced from a support level after a deviation below it around $260. He further noted that TAO’s recent price action suggests that buyers stepped in at the support level, pushing the price back up.
Yet, the momentum was insufficient to break through the crucial S/R level around $340. This level acts as a barrier, and the rejection indicates a strong selling interest.
Moreover, the critical point to watch is the reaction at the current support level. If the support holds, it could signal another upward leg for TAO. Conversely, if the support fails, further declines might ensue.
The future price movement of TAO hinges on its reaction at the current support level. A successful defense of this support could lead to another attempt to break the $340 level.
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Injective (INJ) Consolidates Within Range
Analyzing INJ Sjuul notes that the consolidation indicates a sideways price movement, with neither buyers nor sellers in clear control. Sjuul’s tweet suggests that price movements below $30 are erratic and lack a clear trend direction.
From a range perspective, INJ has already taken out the previous lows, triggering stop-losses and shaking out weak hands. Sjuul highlights a demand box that needs to hold to consider potential long positions.
Besides, this demand box represents an area where buying interest is expected to support the price. If INJ maintains above this zone, it can be viewed as a support level, providing a base for potential upward movement.
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Show more +INJ’s Potential Upward Movement
The current consolidation phase of INJ requires careful observation of the demand box mentioned by Sjuul. This area is crucial as a potential support zone.
Moreover, if it holds, traders might consider long positions, anticipating a bounce within the consolidation range.
Hence, for TAO, the key to future price movement lies in its reaction at the current support level. For INJ, the demand box highlighted by Sjuul is crucial for potential long positions.
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