INJ has showed resilience during the September rally despite broader volatility. Now, the key challenge is to renew this confidence.
defied September’s bearish trend, surging over 40% to hit $23 last week. However, a price correction in October erased much of those gains, pulling INJ back to earlier levels.Despite this brief uptick, the rally was cut short by a bearish MACD crossover on the daily chart. Following this, AMBCrypto investigated if this retracement could catalyze a breakout, as many
For context, it enables individual users to contribute directly to the Auction Fund; the INJ network has made token burning more accessible.the burning of an additional 200K INJ tokens, a move expected to positively impact INJ’s price action over the long term. If this trend holds, the next big test for Injective will be turning the previous $23 resistance into support, if they succeed, then the next resistance might hit around $30.This week, large whale cohorts intervened to prevent INJ from a deeper pullback that could have dropped the price to $18. Their efforts led to a notable 7% gain, pushing INJ back up to $20.
In summary, this accumulation suggests a potential market bottom, encouraging loss-position holders to maintain their holdings while drawing in profit holders through FOMO, which is crucial for establishing the $23 support.
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