Can Injective (INJ) Price Reverse Course After 15% Decline?

Injective Protocol’s native INJ token has faced selling pressure this week, declining 1.5% over the past 7 days to trade around $34. When zooming out to the past 30 days, INJ is down a more significant 15% from its late December all-time high of $43.

But technical analysis from altFINS suggests the crypto could be poised for a rebound if it can hold key support.

Injective (INJ) Price Analysis – Next Target is $45

As altFINS reported, INJ price remains in an uptrend but is consolidating in a descending triangle pattern currently. This triangle typically breaks out in the direction of the existing trend, which for INJ is still up on a medium and long-term basis.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

The key focal point is the $30 support level. A break below $30 would open the door for further downside towards the next support zone around $20. However, holding $30 could set the stage for an upside breakout back towards resistance around $45 where INJ got rejected in late 2023. Traders should set price alerts around these key levels.

Source: altFINS – Start using it today

In terms of momentum, altFINS notes mixed signals. The MACD line remaining above the MACD signal line is bullish, as this alignment shows upside momentum is intact. However, the MACD histogram bars are declining and RSI is stuck at 50, pointing to waning momentum.

In summary, INJ may be poised for an upside breakout but holding the $30 support level is crucial according to the analysis from altFINS. A descend through $30 would paint a bearish picture for INJ in the near-term.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!