Injective Price Stuck at $4.91 as Short Squeeze Looms
Injective (INJ) has been stuck at $4.91 for weeks, with the most one-sided short book it's had in recent weeks and virtually no buying conviction behind the tape.
The indicators suggest that INJ is a chart in no-man's land, with momentum flatlining at mid-range and RSI hovering just under 49.
However, the Bollinger Band picture suggests that price is trading at roughly the 38th percentile of the band range, well below the $5.01 midline and drifting closer to the $4.58 lower bound than the $5.43 upper bound.
The stochastic crossover offers a faint glimmer of hope, but one setup doesn't make a trend. The moving average stack is equally ambiguous, with price sitting dead on the pivot at $4.92 while trading below both the 20-day SMA ($5.01) and EMA 26 ($4.96).
The spot volume number is damning, with only $5.83 million in 24 hours on Binance, a fraction of its former self.