Injective (INJ) fell below the $5.00 mark today, signaling short-term bearish pressure as momentum weakens across all major moving averages. Traders are closely watching the immediate support zone at $4.50–$4.40, which could determine INJ’s next move.
The 4-hour TradingView chart shows INJ is trading below the 20, 50, 100, and 200 SMAs, with the moving average ribbon pointing downwards. This alignment indicates that the bearish trend is still intact.
To change the trend, a strong reclaim above $5.00 is needed, but a break below $4.50 may lead to further selling, with the price moving towards the $4.10-$3.95 region.
Bollinger Bands indicate that volatility has expanded following the last downturn. The price is compressed within the lower half of the bands at $4.72, which is a sign of a sideways movement rather than an upward one.
A series of small-bodied candles is a sign of indecision, as the buyers are unable to drive the price above the dynamic resistance level of $4.70 to $5.05.
Also Read: Injective Faces Volatility, Strong Move Could Hit $6.335
Based on the TradingView chart, the Relative Strength Index (RSI) is at 36.94, which is below its moving average of 39.79, indicating a bearish trend. The RSI recently bounced back from the oversold level of 30, indicating a decrease in selling pressure, but there are few buyers.
The MACD is still negative (MACD -0.0698, Signal -0.0809), but the histogram is slightly positive at +0.0111. This indicates that the bearish momentum is losing strength, and there is a possibility of a change in the trend to positive. A crossover of the MACD above zero is required to confirm the trend change.
Injective reached an important milestone with BitGo, a long-time partner, going public through an IPO. This announcement highlights the growing adoption of institutional-quality blockchain technology.
This is one of those moments that proves the world of finance is warming up to blockchain technology for its transparency and efficiency.
Together, Injective and BitGo are quietly building scalable infrastructure that paves the way for institutional adoption of blockchain.
The partnership between the two companies has cemented the foundation of a blockchain-enabled financial system and has brought us one step closer to functional solutions that are ready for mass adoption.
But if INJ breaches the floor price of $4.50, the speed of the losses may pick up pace, making this level a critical point for traders observing the fast pace of market momentum.
The area between $4.70 and $5.05 is a resistance area that needs to be respected; breaking above $5.00 may indicate a reversal in market sentiment, pushing traders towards a positive early trend in the token.
Also Read: Injective Weekly Chart Breakdown: INJ Eyes $17.30 Long-Term Recovery
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