- INJ price is moving near the support of $7.76 and strong buying reactions from this level are important.
- Coinotag analysts predict that after experiencing a drop below the $7.76 level, INJ price will initiate an upward trend from the range of $7.76 – $7.437.
- If the INJ price closes daily above the level of $7.808, it may have the potential to continue its upward movement.
When examining the technical price chart of Injective (INJ), it is important to highlight that the price is moving near the support of $7.76 and it is expected to receive a significant buying reaction from this level, according to Coinotag analysts’ forecast. If the INJ price falls below this support, it may rise again from the range of $7.76 – $7.437.
Medium-Term INJ Price Analysis
Daily INJ/USD Price ChartWhen examining the technical price chart of Injective (INJ), it can be observed that it is moving around the critical daily support level of $7.808. Today, the INJ price experienced a drop to the support of $7.808 and then rose to the levels of $7.96 with buying reactions.
If the INJ price continues to close daily above the mentioned level of $7.808, it has the potential to sustain its upward movement from this support level. The nearest resistance zone is located at $8.57. The INJ’s daily closing above the level of $7.808 will indicate its intention to continue the upward trend to investors.
However, if the INJ price closes daily below the support of $7.808, it can extend the downward trend to the mentioned support range of $7.275 – $6.896. Therefore, it is important to carefully monitor the daily closings below the level of $7.808.
If the INJ price encounters strong buying reactions from the support range of $7.275 – $6.896, it can initiate its upward movement from this support zone and first target the level of $8.58, and then the levels of $10.44.
Short-Term INJ Analysis
When examining the INJ price chart, we observe a movement near the support of $7.76. If the INJ price experiences a drop to the support of $7.76 in the coming hours, strong buying reactions from this level are of great importance. However, if the INJ price closes below the level of $7.76 on a 2-hourly basis, it may want to continue the downward movement.
Coinotag analysts predict that after the INJ price drops below the level of $7.76, it will initiate an upward trend from the range of $7.76 – $7.437. It is particularly important to stop the long liquidations at the level of $7.76 in order for INJ to realize a healthier upward trend.
However, if the INJ price closes below the level of $7.437 on a 2-hourly basis, it may prefer to continue the downward trend. Therefore, it is important to pay attention to the candlestick closures below the level of $7.437. If the INJ price initiates its upward movement from the mentioned range of $7.76 – $7.437, its first target will be $8.19, and the next target will be $8.61.
