Pro Charts: Crypto

Injective (INJ/USDT) Barely Holds Support

Updated: Mar 26, 2024 | Published: Mar 26, 2024
Verified Investing
By Verified Investing
Injective (INJ/USDT) Barely Holds Support

Injective (INJ/USDT) has an interesting technical chart setup in play. This crypto keeps hammering on a up-sloping support line. The current trend line sits around $33.25 and has been hit now six times since December 2023. Investors are safe as long as this line does not break.

If the $33.25 breaks and confirms, price is likely to quickly fall to $26.00. This is a very intriguing chart because of late, Injective has tried to rally sharply higher and keeps getting slammed down. Is big money dumping into the buyers?

Just a couple weeks ago, Injective jumped to $53 before being pushed back to $34 in just seven days. When a bull surge is slammed that hard, investors may need to take notice.

As of now, bulls are still in control but should that $33.25 level break, the bears gain control and can push Injective to $26 and possible to $20.