INJ Bulls Face Crucial Test as Price Hits 50-Day MA at $4.96

Injective (INJ) has seen an impressive 12.56% price increase in the past 24 hours, pushing its value to $4.77.

This sudden spike is largely due to market rotation, with capital flowing down the capitalization ladder as Bitcoin regains stability and risk appetite returns to the crypto market.

However, this sharp price movement has raised concerns about a potential bull trap, with some analysts warning that the rally may be short-lived if INJ fails to break through its 50-day moving average (MA) at $4.96.