INJ Price Rally Halted: $6.00 Retest Ahead Before Any Upsurge
INJ has been experiencing a strong rally, but technical indicators suggest it's due for a pullback. The asset is trading above its Bollinger Band upper boundary with an RSI of 71 and MACD momentum flatlined at zero, indicating overbought conditions.
The chart shows that INJ pierced through the upper Bollinger Band, which is not typically sustained without relentless volume conviction. However, the current conviction isn't strong enough to hold the price above the band.
Despite being in overbought territory, the underlying moving average structure remains intact, with INJ trading cleanly above its SMA 7, SMA 20, SMA 50, and SMA 200. This suggests that the macro trend is still bullish.
The derivatives market also indicates hesitation, with open interest dropping -11.84% in 24 hours while price barely budged up 1.2%. The taker buy/sell ratio confirms this, showing sellers winning the tape on a flow basis right now.