Injective (INJ) posted a 13.68% recovery in the last 24 hours as buyers returned after protecting a key position near $4.19.
The return went up Inject about $4.89 and pushed its market capitalization to $489.67 million despite a slight decrease in the number of sales.
Sales reached $145.85 million, down 1.16% over the same period. However, the recovery encouraged traders to reconsider the recent lows after the INJ made a strong rebound from its recent lows.
Why are top traders still betting against INJ?
The price recovered strongly, but Binance’s top traders maintained stability throughout the session. Long accounts only represented 41.09%, while 58.91% of accounts were short, making Long / Short at 0.70.
The volatility suggested that experienced traders expected the recovery to lose momentum despite double-digit gains.
Even so, the short-term continuation added more opportunity to buy if the price continues to rise. A sustained move above near-term resistance would force bearish traders to close positions, adding fuel to the front.
Until that happens, however, the market continues to show caution and not much enthusiasm among participants.
Buyers retreated, but sellers still controlled the flow of the order
The results presented a mixed picture despite the strong recovery.
The Futures Volume Bubble Map entered a heated zone, showing trading activity rising rapidly as the price rose from support.
The level of participation often reflects more interest from buyers and sellers rather than certainty. However, Futures Taker CVD remained sellers, indicating that market selling is continuing to outpace aggressive buying in the recent recovery.
Now, the rally relies heavily on Spot’s steady demand to overcome the constant selling pressure before the next leg begins.
Can consumers take the $5 barrier back?
INJ it rose again after defending the $4.19 support level and rising to the $5.00 consensus estimate.
The daily chart shows buyers regained strength after several sessions of declines, although prices still traded below previous highs of around $5.68 and $7.00.
Meanwhile, the Relative Strength Index recovered to 46.67 just after approaching the oversold level, indicating that the bearish pressure has subsided significantly without entering the bullish territory.
The RSI moving average stood near 44.92, reinforcing the pattern in which the buying interest is returning. If the buyers maintain the current recovery and recover $5, the next target can be seen around $5.68.
Failure to find such a level could lead to another retest of $4.19 before a strong recovery.
Will Injective hit $7 next?
The INJ has recovered from a key support zone, although several indicators are still showing market interest.
Advanced traders continued to favor short positions, while buyers’ activities remained oversold despite the pullback.
If buyers pick up another $5 and demand continues, the price could rise to $5.68 before hitting $7.00.
Brief Summary
- INJ recovered strongly from major support, however bearish trade placement continued to dampen confidence.
- A break above $5 could encourage a recovery, while a rejection could revive selling pressure.
