- INJ retraced 87% from its $53 high and is now consolidating near a major support zone.
- The current price setup resembles a past pattern that preceded a 40x rally.
- Resistance stands at $14.26; a break above it may confirm the end of consolidation.
Injective (INJ) has returned to a significant support region that previously acted as a base for a major breakout. After reaching a high of $53 in early 2024, the asset retraced sharply, recording a drop of 87.92% to a recent low near $6.34. This sharp correction echoes another fond of such price configuration in 2021-2023 where a decline by 90 times, to be followed by terms on terms by 4000%.
INJ is now trading at 14.22, up 7.2% over the last 24 hours. It is trading around a short-term resistance area of $14.26 and support is at 13.12. Notably, this range coincides with a previous accumulation zone. The asset also operates under a descending resistance trendline, which has capped upward momentum since the start of Q2 2024.
Recurring Fractal Structure Draws Attention as Historical Pattern Repeats
Historical chart data reveals a recurring 1-2-3 price structure, with near-identical formations during past and present cycles. In the previous setup, the price moved from $0.65 to $25, then corrected to $1.12 before surging to $53. The current sequence—$53 down to $6.34—shows a similar corrective depth and consolidation pattern beneath resistance.
Traders are closely watching this zone, as the market consolidates under the same type of resistance line seen before the last major breakout. If the pattern persists and a breakout occurs, the measured projection points toward a potential move to $200, a 2,072% gain from the recent low.
Volume, Price Action, and Resistance Levels Shape Current Outlook
Volume remains moderate as INJ trades between key levels. Price rose to briefly touch 15.71 during the day but retreated to 14.11. The price action has remained within the range that is demarcated by the resistance level of $14.26 and the support level of $13.12 despite volatility in the short term.
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