Injective price coils near $16 as bulls defend $14 support, signaling a potential breakout if resistance cracks.
Fibonacci base at $14.28–$14.30 and ADX near 25 suggest trend strength despite selling pressure.
Market cap drop to $1.48B reflects caution, but higher lows keep INJ’s bullish structure intact.
Injective (INJ) is trading at a tipping point, hovering near $16 resistance while buyers continue to defend the $14 floor. Price compression and technical readings suggest that a decisive move is imminent.
Bulls Focus on $16 Breakout as Support Holds Firm
INJ has been locked in a tight consolidation range, repeatedly challenging the $16 ceiling. Ali Charts on X noted that an ascending triangle, building since April, reflects steady higher lows and growing accumulation. Clearing $16.12 could unleash targets at $20.26, $22.83, and even $27.11 based on Fibonacci projections.
https://twitter.com/ali_charts/status/1956310651858464984
A solid footing above the 0.786 Fibonacci retracement at $14.30. The Average Directional Index (ADX) near 25 underscores trend strength, while the 50-day SMA continues to push higher beneath price. The 200-day SMA around $15.12 is acting as dynamic resistance, adding to the congestion zone.
Short-Term Pullbacks Remain on the Table
Despite bullish structure, Crypto Eagles on X differed by highlighting persistent rejection near $16.5.
https://twitter.com/CryptoProject6/status/1956263433370001695
Demand remains clustered between $14.20 and $14.50—an area aligning with a previous order block and fair value gap (FVG). This zone has historically triggered strong buy reactions, hinting at another potential rebound to $15.50 or beyond before any serious breakout attempt.
Fresh data from Aug. 15 shows market capitalization sliding from $1.56B to $1.48B by late session. While price action remains supported, this steady decline reflects ongoing profit-taking and reduced momentum. Lower highs and lows in market cap suggest buyers are working against broader selling pressure.
Trend Intact but Bulls Need a Clean Break
The overall structure remains bullish, as higher lows have held firm since mid-July. Support is clearly defined at $14.28–$14.30, while resistance stays heavy in the $16 to $16.67 zone. Holding above support keeps the upward bias alive, but failure to do so could expose deeper retracements toward $12.
The post Injective (INJ) Bulls Defend $14 as $16 Breakout Beckons — Bulls or Bears to Win? appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
