Injective Protocol (INJ) has witnessed a significant drop of 9.46% over the last 24 hours, currently sitting at $3.16. Despite this downturn, technical indicators indicate that the cryptocurrency may be poised for a recovery as it nears crucial support levels and enters oversold territory.
According to the latest price analysis, the short-term target for INJ is projected between $3.39 and $3.60, with a medium-term forecast suggesting a range of $3.00 to $3.80. Key resistance is identified at $3.63, while critical support stands at $2.90.
Insights from crypto analysts regarding Injective are somewhat limited for the short term, but historical context is provided by Ted Hisokawa, who cited potential targets of $5.80 to $6.50 back in January 2026. However, current market dynamics have shifted considerably, and INJ is trading significantly lower than those projections.
Technical analysis reveals that INJ is consolidating after enduring recent selling pressure, with well-defined support and resistance levels shaping the current market landscape. The Relative Strength Index (RSI) stands at 41.82, indicating a neutral position that allows for movement in either direction.
The MACD indicators are showing bearish momentum, with the MACD line and signal at -0.1684. The histogram, however, is nearly flat at -0.0000, suggesting that while bearish pressure exists, it may be diminishing and a reversal could be on the horizon. Analysis of the Bollinger Bands indicates that INJ is trading at a %B position of 0.4275, which signals that the price is closer to the lower band ($2.83) than to the upper band ($3.60). This positioning often indicates oversold conditions that might lead to a mean reversion towards the middle band at $3.21.
Regarding price targets, a bullish scenario for INJ would see the token aiming for immediate resistance at $3.39, a 7% increase from its current price. A successful breakout above this level could pave the way for a stronger resistance at $3.63, translating to a potential 15% gain. The upper Bollinger Band at $3.60 aligns closely with these resistance levels, providing further technical validation.
Conversely, the bearish outlook hinges on a drop below the immediate support at $3.03, which could lead the token to the robust support zone at $2.90, an 8% decline from current levels. A severe bearish scenario could see INJ testing the lower Bollinger Band at $2.83. Contributing factors to this downside risk include its current position beneath key moving averages and the overall bearish MACD configuration.
In terms of entry strategies, traders may consider waiting for a bounce from the $3.03 support level, seeking confirmation above $3.20. More aggressive traders might find the current $3.16 level appealing, especially given the neutral RSI and its proximity to Bollinger Band support. A conservative stop-loss could be set at $2.85, just beneath the vital support at $2.90, allowing for a favorable risk-reward ratio aligned with the potential upside towards the $3.60 resistance levels.
In conclusion, the current price analysis for Injective Protocol suggests that the asset is nearing a technical inflection point at around $3.16. While the immediate trend remains bearish based on moving averages and MACD indicators, the neutral RSI and Bollinger Band positioning hint at the possibility of a counter-trend bounce. The most likely scenario points towards testing resistance in the range of $3.39 to $3.60 within the next 1-2 weeks, assuming INJ maintains support above $3.00. However, traders are advised to remain vigilant regarding the broader bearish structure and prepare for potential declines to $2.90 should support levels fail.
