🚀 Injective ( $INJ ): Can Bulls Hold Key Support at $21.65? 📊
📉 Injective (INJ) is trading at $27.77, reflecting a 0.46% dip in the last 24 hours and a 1.66% drop over the past week. Despite the decline, INJ maintains a market cap of $2.73 billion with a trading volume of $221.5 million.
📈 Technical Outlook: INJ recently broke out of a rounded bottom pattern, signaling a bullish continuation. Buyers are defending the critical $21.65 support level to sustain upward momentum. Analysts remain optimistic, pointing to a 12x target at $380 if the trend holds.
⚠️ Mixed Momentum: Technical indicators show conflicting signals. The 13-day MA crossed above the 49-day MA in November (Golden Cross), but INJ is now below the $29.06 short-term resistance. The RSI at 47.63 signals weak buying interest, and failure to hold the 49-day MA could push INJ to $20.31. Bulls need a break above $29.06 for a potential rally toward $32.
🔗 On-Chain Activity: Data from IntoTheBlock shows network engagement weakening. New addresses fell 21.6%, while active addresses dropped 11.3% in the past week. However, core user activity remains steady, supporting the network’s fundamentals.
📊 Futures Interest: Open Interest (OI) for INJ futures is at $174.37 million, reflecting mild profit-taking. However, trading volume surged 9.5% to $271.95 million, showing ongoing market confidence and trader participation.
🔥 With steady futures interest, rising trading volume, and key support at $21.65 intact, INJ’s bullish setup remains in play for further upward movement. 🚀
