Injective, a DeFi-centered protocol, has been rejected from the 200-day EMA cluster, indicating a bearish trend. The INJ price has fallen below key EMAs and struggled to surpass the $23 mark. Bulls are aiming to secure support at the $17 mark and hope for a bounceback. While a selloff is expected, the INJ price may find support around $17 and consolidate. The token has experienced significant bearishness, dropping over 20% in the last two weeks. Technical analysis suggests a potential reversal and bounce toward $22. The token's price has been trading within a falling channel but looks strong. A daily close above $19 could lead to retesting $22 and potentially breaking out. The token's price has been range-bound and may continue in a sideways consolidation phase. Despite this, there is bullish sentiment surrounding the token, possibly leading to a breakout in the future. Daily active users have increased, but Total Value Locked remains range-bound. The Futures market data is neutral, and the Open Interest has decreased. Immediate support zones for INJ are $16.80 and $15.50, while upside hurdles are $19.70 and $21.20. The token is currently trading at $18.47 with a market cap of $1.83 billion.



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