bears were unable to break the $22.0 support
The INJ token price reached its highest price point at $52.50 in March of this year based on the daily chart. Then it plunged into a significant bear market after falling more than 58% from its peak upto April 13, 2024, and has since been in a consolidation phase and has been showing resilience at $22.0 support level.
At the same time, the Relative Strength Index has created a downward-sloping channel. The critical point is that the Exponential Moving Averages of 200 days and 50 days are approaching a death cross. This has been seen as, typically one of the most pessimistic chart patterns in the money based market’s.
Nonetheless, the latest price pattern reveals that bears were unable to break the $22.0 support level from the previous month, with the current trading price at $25.199, indicating a decrease of -1.57%. Hence, an increase in price could potentially result in it reaching $30.0 and $35.0. But if the price drops below $22.0, it may continue to decrease to reach even lower price points.
At the same time, the Relative Strength Index has created a downward-sloping channel. The critical point is that the Exponential Moving Averages of 200 days and 50 days are approaching a death cross. This has been seen as, typically one of the most pessimistic chart patterns in the money based market’s.
Nonetheless, the latest price pattern reveals that bears were unable to break the $22.0 support level from the previous month, with the current trading price at $25.199, indicating a decrease of -1.57%. Hence, an increase in price could potentially result in it reaching $30.0 and $35.0. But if the price drops below $22.0, it may continue to decrease to reach even lower price points.
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