Is Injective on the Verge of a Downturn? INJ Price Dips as Anticipated Meme Coin SPONGE Sets Stage for Launch
The leading AI-powered DEX project, Injective Protocol, has seen resistance trigger a downtick in price.
This article will provide an analysis of INJ’s current price trends and look to see whether a newer meme coin, SPONGE, represents a more promising investment opportunity at this time.
Injective Protocol has been attempting to push up out of consolidation amongst bullish strengthening of network security, which now sees a majority of INJ tokens staked for an alluring 14.7% APR.
As price action continues to pressure the resistance level, Injective Protocol is currently trading at a market price of $37.97 (representing a 24-hour change of +0.93%).
The retracement move was triggered by an overhead level of resistance at $39.85, an area which has cap-stoned INJ price action for over a month since January 17.
Indeed, recent weeks have seen INJ price become ensnared by a tight trading channel that has created volatile chop between $29 and $34.
However, an emergent supply zone has seen this trading channel feed accumulation by holders, culminating in a vital reclamation of the 20DMA (sat at $34.85) for the past week.
Now with steadfast footing from a lifeline moving average, INJ price is poised to attempt to crack overhead resistance for the first time since a failed test on January 29.
Meanwhile, the 200DMA remains aggressively ascendant in a reflection of INJ’s growing momentum on the long-time frame, although still below likely lower levels at $20.
Shifting our focus to Injective Protocol indicators, the RSI has began to heat-up as price action pushes to the top of the trading channel, now reading at57.51 – this still leaves capacity in the chart for INJ to breakout of its month-long range.
This view is reinforced by minor bullish
Read more on cryptonews.com
