Injective (INJ) is consolidating near a critical descending channel support at $2.82, with its Relative Strength Index (RSI) at a neutral 47.27. Analyst Butterfly highlighted that bulls are defending this zone, suggesting potential accumulation, but a confirmed breakout with increased volume would be required to target a move toward $17.
The price of Injective (INJ) has entered a consolidation phase amid broader market weakness. CoinMarketCap data shows a 3.85% decline over 24 hours, with the token currently trading at $2.82.
Momentum indicators present a neutral to fading outlook for the asset. The RSI at 47.27 signals no strong directional bias, while the MACD shows rapidly shrinking histogram bars.
The crypto analyst Butterfly noted that INJ is testing the support of a descending channel on its three-day chart. “Bulls are defending this area with renewed buying interest each time the price touches this support level, and a buildup of demand could be forming,” the analysis stated.
A sustained hold above this support could indicate a shift in market structure. The next significant resistance level for traders to watch is near $17.
