What to know:
- Injective is trading at $2.98, with $53.60 million volume, $297.44 million market cap, down 3.86% daily.
- Historical 58-month support triggered 3,300% gains in 2020 and 4,900% in 2022 cycles.
- Critical $2.90 support holds, with upside targets at $3.13, $3.25, and $3.39 levels.
Injective (INJ) is showing renewed attention after returning to a long-term support range, with price action suggesting a possible turning point.
The token is currently trading at $2.98, recording a 24-hour trading volume of $53.60 million and a market capitalization of $297.44 million. Despite a 3.86% daily decline, the latest structure indicates a developing setup that could shape its next move.
INJ Price Structure Suggests Possible Recovery
Market observers point to a recent post by Crypto Lens, highlighting that Injective has dropped back to its 58-month low zone. In the past, this level of support triggered a price increase of 3,300% in 2020 and 4,900% in 2022.
In the shared post, it is noted that the price range of INJ from $2.616 to $1.070 is a critical level of support. If the price of Injective holds this level of support, it could trigger a recovery cycle. This recovery cycle could be possible in the coming year, 2026.
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Injective Support Zone Around $2.90 Strengthens
Technically, the price is currently moving within a falling channel on the hourly chart. The price has reached the lower boundary and is now showing signs of a potential bounce. It is still possible to test the lower boundary before the price makes its move upwards.
The Relative Strength Index is moving downwards, indicating that the price is still being pushed down. The price is currently testing the support zone around the $2.90 price level. Meanwhile, the price is gradually approaching the 100-period moving average, which could act as a guide for the next directional move.
In the short term, the price could move to the $3.13, $3.25, and $3.39 price levels. On the other hand, the price could move lower if the support level fails. The price is currently at a critical point, and the direction the price could determine its short-term direction.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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