The Injective (INJ) token is consolidating near $3 as bullish momentum builds, with technical indicators showing a potential shift. Analyst Jonathan Carter notes the price is testing a key descending channel’s lower boundary, with upside targets at $4, $7, and $10 if support holds. However, a break below the $2.50 support level would invalidate the current bullish outlook.
The price of Injective (INJ) is moving in an upward consolidation phase amid slightly positive crypto market conditions. According to CoinMarketCap, INJ rose 1.72% in the last 24 hours to trade at $2.96, with a 24-hour trading volume of $51.14 million.
Crypto analyst Jonathan Carter pointed out that INJ is approaching a pivotal moment as it tests the lower boundary of a well-defined descending channel. “This zone has historically attracted buyers, and early signs suggest a potential rebound,” he stated.
Momentum indicators suggest weakening bearish pressure as the token stabilizes. TradingView data shows the RSI at a neutral 52.81, while the MACD hints at a potential bullish crossover.
If momentum strengthens, the asset could rally toward higher resistance levels. Analysts identify potential targets at $16 and $25 should a definitive breakout occur.
The primary risk remains a breakdown of current support. A sustained move below the $2.50 level would negate the current positive technical view.
