- Ah, the tale of INJ, which has plummeted a staggering 73% since its ATH, forming a falling wedge pattern that whispers sweet nothings of a potential bullish breakout.
- The INJ 3.0 upgrade, a noble endeavor, seeks to reduce the supply until 2026, igniting flickering hopes of a price recovery—like a candle in a storm. 🕯️
Injective’s [INJ] prices have been on a steady decline since reaching an all-time high (ATH) of $53 in March 2024. Since that glorious day, the altcoin has nosedived nearly 73%, tumbling toward its 15-month low, as if it were auditioning for a tragic play.
Yet, amidst this downward spiral, recent price trends reveal how buyers might seize the fleeting opportunities presented by INJ’s short-term volatility—like a cat chasing a laser pointer. 🐱
Can INJ bulls trigger a patterned breakout?
INJ has been on a rather sharp descent since its ATH, mirroring the broader crypto market’s melancholic waltz.
The altcoin’s retreat from the $34 resistance set the stage for the bears, who, like a well-rehearsed troupe, took center stage. INJ also formed a falling wedge pattern on its daily chart, a setup that typically hints at a potential bullish breakout—if only the universe would cooperate.
But alas, this pattern dragged the price below its 20, 50, and 200-day EMAs, confirming a strong bearish edge, as if the market were playing a cruel joke.
Moreover, the recent death cross (20/50-day EMA crossing below 200-day EMA) reinforced this downtrend, leaving traders to ponder their life choices.
It’s worth noting that INJ hit a 15-month low on the 3rd of February. It saw a series of green candles from this low but struggled to cross its 20-day EMA around the $15.6 resistance—like a student trying to pass an exam without studying.
A convincing close above this level could spark a stronger recovery toward the next ceiling at the $18—$20 range. However, if broader market sentiment deteriorates, a near-term drop will likely test the $9.6-$10 range, which sounds like a delightful picnic spot for bears.
The Relative Strength Index (RSI) remains below 50, indicating insufficient buying pressure. A decisive break above 50 would signal buyers to go long, but until then, it’s a waiting game.
INJ 3.0 upgrade could ignite bullish hopes
Injective recently approved its INJ 3.0 upgrade, aiming to reduce the token’s circulating supply dramatically until Q1, 2026. A noble quest indeed!
This deflationary push could tighten supply over time, potentially driving up INJ’s value if demand picks up—especially important if the broader market sentiment shifts bullish. Fingers crossed! 🤞
Derivative data hints at optimism
INJ’s derivatives volume jumped 18.63% to nearly $199 million, while Open Interest fell 7.5% to around $105 million. A curious case of rising volume with declining Open Interest, often signaling position closures—like a magician’s disappearing act.
The overall Long/Short Ratio on Binance was 2.11, reaffirming traders’ short-term optimism, as they cling to hope like a child to a teddy bear.
The price behavior around its falling wedge boundary and the 20-day EMA should now help buyers determine the altcoin’s immediate uptrend. But beware, the chances of continued downside could increase if broader market sentiment remains shaky, especially around Bitcoin—our ever-dramatic leading actor.
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2025-02-19 12:12