Injection Protocol (INJ) has had a hard time seeing its price rise more than 90% from its all-time high of $24.8 against Tether (USDT). Despite seeing a huge drop in the crypto market recently, Injection Protocol (INJ) has continued to show tremendous strength, posting double digit gains. (data from Binance)
Injection Protocol (INJ) price analysis on the weekly chart
INJ price dropped from $24.8 to nearly $0.9, a decline of more than 90% from its all-time high despite good infrastructure. INJ price rebounded after touching a weekly low of $0.9, and the price showed some major strength and climbed to $1.7.
INJ price needs to build higher volume on the weekly chart as the price is facing resistance at $1.9, unable to trend higher. INJ price needs to break above $1.9 and possibly $2.5 area with good volume for the price to have a good chance.
INJ price must break above and hold resistance at $1.9 to form support for INJ price to give a chance for a higher trend. If INJ price fails to break this resistance area, we can see that the price is again testing the lower weekly area of $1, a good buy zone for INJ price to push up and prevent a selloff. working as.
Weekly resistance for INJ price – $1.9.
Weekly support for the price of INJ – $1.
Price Analysis of INJ on Daily (1D) Chart
The daily time frame for INJ prices looks volatile as prices continue to move out of this range with little volume. INJ price needs to break out of this range so that the price is in good volume for a $2.5 trend. A break and close above the range channel prevents INJ price from flipping into support and would be good for INJ price to rally towards the $2.5 area.
On the daily time frame, INJ price is currently trading at $1.6, which is above the 50 exponential moving average (EMA), acting as support for INJ price.
The Relative Strength Index (RSI) for INJ on the daily chart is at 50, indicating low buy order volume.
Daily resistance for INJ price – $1.9-$2.5.
Daily support for INJ price – $1.
INJ. onchain analysis of
Despite still being backed by many investors and partnerships, INJ has seen tremendous decline across all boards including price, volume, market circulation and market dominance, due to bearish sentiments in the crypto market.
Featured Image From zipmex, Charts From Tradingview and Messari