The price of Injective (INJ) has broken below a crucial $5.80-$5.95 support zone, trading around $5.27 after a 17% daily decline. This drop follows broader cryptocurrency market weakness led by Bitcoin. Analysts note the broken support level, which previously acted as both horizontal and dynamic trend support, may now become resistance as traders watch to see if bulls can reclaim it or face a deeper correction.
Injective price fell below a significant support area after a major market sell-off. This dip followed Bitcoin‘s recent decline, which weighed on the altcoin market and led to many liquidations.
Crypto analyst Sjuul recently highlighted the $5.80-$5.95 zone as a crucial level bulls needed to defend. However, sellers have successfully pushed the price below this region, shifting the short-term outlook.
The latest chart shows Injective price dipping below the $5.80-$5.95 support range. This zone served as both flat support and a key moving average support during the recent uptrend.
Without support, the old demand area might turn into resistance if buyers attempt to boost prices, Sjuul’s analysis stated. Traders will keep an eye on lower support levels where buying could start if selling keeps going.
Investors are feeling more unsure, causing markets to swing a lot lately. Altcoins like INJ, however, keep getting sold more heavily, even though their fundamentals are solid.
Market sentiment is down due to risk-off investing, bigger economic uncertainties, and shaky markets worldwide. Data shows Bitcoin can’t get its footing, leading to more selling pressure on other tokens.
Injective price is currently trading at $5.27, down 17% in the last 24 hours. INJ has a market cap of about $527 million and experiences around $267 million in trades daily, according to market trackers.
Injective’s short-term charts are weaker due to recent drops, yet it remains one of the strongest projects in the market. Momentum right now is bearish, with a reclaim above $5.80 seen as a potential sign of buyer control.
