The cryptocurrency Injective (INJ) is trading at $2.98 with a market cap of roughly $297 million. Analysts note the token has returned to a multi-year historical support zone, a level that preceded massive price gains in 2020 and 2022. Its immediate technical outlook hinges on holding the $2.90 support level.
The cryptocurrency Injective (INJ) is drawing market attention after declining to a key historical price range. It is currently trading at $2.98 with a 24-hour volume of $53.6 million and a market capitalization of $297.44 million.
Analyst Crypto Lens highlighted on social media that INJ has dropped back to its 58-month low zone. This same level triggered price increases of 3,300% in 2020 and 4,900% in the 2022 market cycle, as stated in a recent post.
The shared analysis notes the price range from $2.616 to $1.070 is a critical support level. Holding this zone could potentially trigger a recovery cycle for the asset in the coming year.
On the hourly chart, the price is moving within a falling channel and testing its lower boundary. The Relative Strength Index is moving downwards, indicating continued selling pressure.
The price is currently testing a support zone around the $2.90 level. Its approach toward the 100-period moving average could guide the next directional move.
In the short term, the price could move toward the $3.13, $3.25, and $3.39 levels. Conversely, a failure to hold support could lead to further downward movement.
