INJ Price Falters at $7.48 as Whales Load Up

INJ, a Layer-1 cryptocurrency, shed nearly 4% in 24 hours to sit at $7.48, tagging an intraday low of $7.33 before finding some footing.

On the surface, this seems ugly, but context matters here. The broader Layer-1 space has been absorbing macro headwinds all week, and INJ's pullback is orderly rather than panic-driven.

The price slipped below the 7-day simple moving average of $7.86, which is the nearest technical damage worth respecting, but it's still sitting comfortably above its 20-day, 50-day, and 200-day moving averages at $6.89, $5.72, and $4.71 respectively.

That longer-term structure is unambiguously bullish, and traders covering INJ have consistently noted that INJ tends to coil before sharp directional moves.