#Injective demonstrated a strong uptrend, gaining over 40% in recent weeks and reaching an all-time high of $53.
However, this bullish momentum faded, resulting in a complete retracement of the gains made throughout the year.
INJ price initially showed a bearish trend, followed by a recent bullish surge that peaked at $28 before retracing.
Initially trading within a range of $30.55 to $43.35 until the second week of March, INJ experienced a significant surge thereafter.
This surge broke resistance levels, leading to a 31.54% increase and establishing a new all-time high.
Subsequently, a correction of 50.36% occurred over 33 days as bullish momentum weakened.
INJ price consistently hovers near the critical support level of $23.30 while facing resistance from its 200-day EMA, indicating mixed market sentiment.
On the daily chart, INJ bounced precisely at the 0.618 Fib retracement support level and the previous all-time high resistance of $21, indicating robust buying pressure.
If the market remains above $23.30, bulls may attempt to test the $31.00 resistance level.
According to Coingabbar analysis, Conversely, continued bearish dominance could push the price down to test the lower support level of $18.50 this month.
KEY LEVELS :
RESISTANCE LEVEL : $28.00-$31.00
SUPPORT LEVEL : $22.50-$20.00
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