The critical support for INJ is at 11.42, and this indicator may suggest the coin is about to become stable after the recent turmoil across the entire market.
The rounded bottom formation indicates a bullish reversal pattern and the targets of $15.21 and $17.43 may be achieved provided the resistance levels are breached.
The integration of oil trading has the potential to affect demand, and on-chain developments will be closely monitored to see how the market will respond.
Injective (INJ) is demonstrating some strength amidst broader market uncertainty, maintaining support levels above $11.00. On June 14, the asset traded at $11.68, gaining a modest 1.5% on the day. This is during a period when most digital assets are fluctuating wildly, which may suggest that INJ is positioning for a breakout. Both the $11.42 support level and $11.93 resistance level are closely monitored by analysts as both levels have been tested numerous times within recent weeks.
Pattern Indicates Possible Trend Shift
Technical indicators on the 4-hour chart suggest a rounded bottom formation, often associated with reversal patterns. The chart reveals a gradually recovering price structure, pointing toward bullish momentum building beneath the surface.
https://twitter.com/Bullify_X/status/1933757110057382308
The price recently bounced from around $10.81 in a formation traders typically consider a base for an up leg. However, the key breakout level around $13.00 must be convincingly penetrated before any further upside extension towards higher targets—such as $15.21 or even the projected $17.43—can be determined.
INJ Attracts Attention Amid Speculation of Oil Trading Integration
Adding to the intrigue around INJ’s price movement are developments beyond the chart. The potential onboarding of oil trading into the Injective ecosystem has attracted fresh attention. Market participants are monitoring whether this transition will bring new liquidity and trading activity to the platform, which may in turn influence INJ's valuation. While details remain sparse, the integration of commodity-based products could diversify utility for the protocol and potentially affect demand dynamics for its native token.
INJ Gains Focus on Oil Trading Speculation
Despite the nascent bull narrative, some caution is warranted. The recent aggressive downside action may have been a liquidity flush, shaking out weak hands before an upside leg. The market remains in a larger consolidation zone, and false breakouts are possible.
Traders wait currently for a clean break above near-term resistance to gauge whether subsequent direction is sustained. As the overall crypto market still seeks direction, INJ's price action will be dictated by technicals and fresh on-chain news regarding its protocol application use case.
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