INJ is approaching a significant trendline resistance after more than doubling from its cycle lows near $3. The cryptocurrency's trading volume surged over 72%, with prices maintaining gains as they approached the $7 mark. Exchange netflows have turned positive, indicating increased market participation as INJ attempts to break out from a prolonged downtrend.
The trendline, which has been a barrier since late 2024, has seen multiple failed breakout attempts. However, recent price action shows a steady recovery, with INJ climbing above $6.50 and maintaining a constructive market structure. As of now, INJ is trading around $6.60, having gained nearly 10% in the past 24 hours, with a market cap exceeding $660 million.
Exchange data reveals a shift in investor behavior, with significant inflows during May coinciding with rising prices. This increased activity suggests growing momentum as INJ challenges long-term resistance. Traders are closely watching for a confirmed breakout, which could lead to higher resistance levels.
INJ Eyes Breakout as Price Nears Key Resistance at $7
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
