🔴$TAO and $INJ Will Bounce Back Soon 🔴
Bittensor (TAO)
Crypto analyst Sjuul noted that TAO bounced from a support level after a deviation below $260, indicating that buyers stepped in at this level. However, the momentum was insufficient to break through the crucial S/R level around $340, which acts as a barrier and indicates strong selling interest. The key 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 this support level, with a successful defense potentially leading to another attempt to break the $340 level.
Injective (INJ)Analysis
Sjuul’s analysis of INJ highlights that the token is consolidating within a defined range, with neither buyers nor sellers in clear control. Price movements below $30 are erratic and lack a clear trend direction. INJ has already taken out previous lows, triggering stop-losses and shaking out weak hands. Sjuul emphasizes the importance of the demand box as a potential support zone. If this area holds, traders might consider long positions, anticipating a bounce within the consolidation range.
