Popular crypto analyst Michaël van de Poppe has highlighted a critical support level for Injective Protocol’s INJ token that must hold to prevent a massive sell-off. According to Van de Poppe’s chart, INJ has already endured a deep 40% correction and needs to maintain the current price zone to avoid a potential decline towards $17.50.
“This is one for $INJ. Deep correction, down around 40%. Needs to hold here, in order to prevent a potential dip towards $17.50. I think we will, through which these type of dips are always the ones you’d be seeking for with #Altcoins,” he stated in a tweet.
Corroborating this analysis, researchers at blockchain data analytics firm altFINS pointed out that the critical support zone for INJ is around $30. A breakdown below this level could trigger a precipitous drop exceeding 30% to the $20 area.
Source: altFINS – Start using it today
From a technical perspective, altFINS’ evaluation suggests INJ’s price is in a long-term uptrend but has recently faced selling pressure in the short and medium timeframes. This is evidenced by the downward trajectory of momentum indicators like the MACD and RSI.
“Price is in an uptrend. Following a bullish breakout from a Descending Triangle, price has resumed its uptrend. It briefly broke above $50 resistance but got rejected and pulled back on some profit taking by traders,” altFINS stated.
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Show more +The analysts recommend waiting for INJ to retreat towards the $30 support for a potential swing trade entry, with an upside target of $40 – representing over 30% gains from the entry point. A protective stop loss is advised around $27 in case the support crumbles.
Key resistance levels highlighted are $40, followed by $45 and the recent high around $50 which capped INJ’s latest rally attempt.
While the long-term trajectory remains skewed to the upside, analysts warn that a loss of the $30 foothold could severely undermine the bullish structure. Market participants will be closely monitoring INJ’s price action around this make-or-break support zone in the coming sessions.
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