Injective Price Struggles To Break Out Of Its Key Level! Is A Break Down Imminent?

The Injective price has turned out to be one of the top gainers of the industry this year by recording a massive price, resulting in the price adding over 1310% in its value YTD.

Following the price pump in October, the INJ price gained significant movement in its value. The price experienced a jump of approximately 37% before facing rejection at $12.672. The price was then seen trading sideways for a while. After that, the bulls regained momentum, but the price faced rejection at $13.735.

Following this, the price traded in a consolidated range between $12.672 and $13.735. The injective price then recorded significant volatility in its price and recorded a jump of approximately 30% in value. After that, the price faced rejection at $17.913.

The price was then seen trading sideways for a while. After multiple failed attempts to break out the bulls, lost momentum and fell to retest its support level of $15.00. The bulls quickly regained momentum and successfully broke out of their key resistance level at $17.913.

Following this, the price hovered close to its resistance level of $17.913 for a while. After that, the price started training under a bearish influence and was seen retesting its lower support level of $15.00. Since then the price has been trading under a consolidated range between $15 and $17.913.

Will INJ Price Ragain Value?

The MACD displays a rising green histogram, indicating massive buying and selling pressure in the market. Further, the averages show a bullish convergence, suggesting the price will gain significant value in the coming month.

If the bulls push the price above its key resistance level of $17.913. the INJ price will regain momentum and prepare to test its upper resistance level of $19.158. Further, if the market holds the price at that level, the Injective price will continue to gain value and make a run to test its high of $20 in the coming week.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $16.343. Moreover, if a trend reversal occurs, the price will plunge further and prepare to test its low of $15 by the next week.