$💘BNB technical analysis
BNB (BNB) started a correction from $722 on June 6, showing that short-term traders are taking profits. The key support to watch on the downside is the 20-day EMA ($639).
If the price rebounds from the 20-day EMA with strength, this shows that sentiment remains positive and traders are buying on the dips. That will increase the likelihood of a continuation of the uptrend. The BNB/USDT pair could then rise to the pattern's target of $775.
This positive view will be invalidated in the near term if the price continues to decline and breaks below the breakout level of $635. That could trap the aggressive bulls and drag the pair down to the uptrend line.
💘INJ technical analysis
Injective (INJ) has formed an ascending triangle pattern, which will complete on a breakout and close above $29.93.
The 20-day EMA ($26.15) has started to gradually increase and the RSI has jumped into the positive zone, showing that the bulls have a slight advantage. If buyers overcome the barrier at $29.93, the INJ/USDT pair is likely to regain momentum and surge to $36.50, ultimately targeting the pattern at $41.74.
The 4-hour chart shows that the bulls pushed the price above the overhead resistance at $29.93 but could not sustain the breakout. This shows that the bears are selling aggressively above $29.93. Price fell and broke below the 20 EMA but quickly recovered near the 50 SMA.
The bulls will again attempt to scale above the resistance zone between $29.93 and $31. If they do that, the pair is likely to start a new uptrend. The bears will prevail when the price breaks below the SMA 50.
