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12/15 12:31
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Support Levels: Analysts have identified $12.30 as the immediate support level for Injective (INJ), with a deeper liquidity zone at $11.30 if the market retraces further. A break below $12.30 could lead to significant buying interest at $11.30, which has historically attracted substantial accumulation.
Resistance Levels: The key resistance level is set at $14.10. A breakout above this level could signal a shift in momentum towards buyers, potentially leading to a recovery towards the $16 mark and invalidating further downside targets.
Current Market Structure: INJ is currently consolidating within a narrowing range, indicating a tightening price action that may precede a decisive breakout. The market shows mixed signals, with reactive dip-buying preventing sharp declines but lacking clear bullish momentum.
Volume Patterns: Recent trading volume data indicates a spike at $13.26 with $154 million traded, suggesting profit-taking or institutional rebalancing rather than strong accumulation. The subsequent recovery has been gradual, characterized by lighter trading volume, indicating insufficient buying pressure to initiate a strong upward trend.
Volatility and Price Compression: Technical analysis reveals that volatility is compressing in a wedge formation, which typically precedes sharp directional moves. The next significant price movement will likely depend on which level—support or resistance—breaks first.
Circulating Supply: The circulating supply of INJ is 97.7 million tokens, close to the total supply of 100 million, which mitigates inflation risks in the long term. However, short-term price movements remain influenced by technical levels and liquidity dynamics.
Market Watch: Observers are closely monitoring the $12.30 support level in the coming days. Maintaining this level is crucial for structural stability, while a loss could push prices down to the $11.30 liquidity area before any major recovery attempt.
