Crypto: Injective undergoes a 60% drop since its last peak: Analysis of 13 June 2024

While Injective had the wind in its sails throughout 2023, the cryptocurrency faced a bearish movement that precipitated it into oblivion. Let’s examine together the future prospects for INJ.

Injective (INJ) Price Situation

After reaching its all-time high in 2021, Injective consolidated in a range between $30 and $45. Shortly thereafter, a bullish movement marked a new ATH for INJ at $53. Following this movement, the Injective price experienced a decline, bringing it down to $19. Since then, it seems that the cryptocurrency has attracted buying interest, pushing it back above the POC considered since the last drop.

At the time of writing this text, INJ is trading close to $30. Thus, it seems that a bullish reversal is underway. This is all the more plausible as the medium-long term trend of the cryptocurrency remains bullish, although its moving averages are not convincing. Indeed, we can see that the Injective price is not above the latter. Additionally, it is clear that the 50 and 200 day moving averages have formed a “death cross,” a phenomenon seen as a bearish trend reversal. Fortunately, we can be reassured by Injective’s dynamics, which seem to be picking up again, as demonstrated by the oscillators and its price itself.

The current technical analysis has been carried out in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Today a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and mutual support around financial markets in a professional and friendly atmosphere.

The Hypotheses for the Injective (INJ) Price

• If the Injective price remains above $23, a bullish recovery to $35, or even $40, could be anticipated. The next resistance to consider would then be the Injective ATH at $53. At this point, this would represent an increase of over 77%.

• If the Injective price fails to stay above $23, a return to around $20, or even $18, could be envisaged. The next support to consider, if the bearish movement continues, would be around $16. At this point, this would represent a decrease of approximately -44%.

Conclusion

Injective shows signs of recovery that cannot be ignored. With a currently positive dynamic and renewed investor interest, INJ could be preparing to overcome the recent bearish pressure it has experienced. Thus, it will be crucial to closely observe the price reaction to various key levels to confirm or invalidate the current hypotheses. It is also important to remain vigilant of potential “fake outs” and market “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly based on other more fundamental factors.