INJ Consolidation: Will Price Break Above $7.88 or Revisit $6.79?
INJ is currently trading at $7.55, showing minimal movement as it consolidates near its key pivot point.
The price action in INJ has been characterized by a 'flatline,' with neither buyers nor sellers gaining the upper hand. This type of compression often leads to a violent break when it finally does occur.
Despite this short-term indecision, the broader trend for INJ remains firmly bullish. The token is trading above all major moving averages, including the 50-day and 200-day SMAs, which sit at $6.02 and $4.81 respectively.
The smart money is positioning long in INJ, with a significant majority of top traders holding a long bias on Binance Futures. This suggests that despite the current consolidation, there may be a breakout to the upside soon.