Injective Price Forecast: Long-term support trendline under threat as selling pressure builds

• $7.50 remains out of reach for Injective on Thursday. The token fell 6% the day before.
• With Open Interest falling and the taker buy-to-sell ratio holding below 1, derivatives indicators signal subdued buying demand.
• INJ presents a mixed technical picture as bullish momentum fades into mildly bearish territory. 

$7.50 remains above Injective (INJ) at press time on Thursday. Following the previous day’s 6% drop, the token continues to lose ground as sellers return. Derivatives traders favour the sell side: market orders keep absorbing resting bids while Open Interest in INJ futures contracts declines. Technical signals remain mixed, putting a key support trendline in focus.

18.61 million INJ: Injective futures interest declines

Falling demand for Injective derivatives suggests traders have limited confidence in further gains. According to CoinGlass, INJ futures Open Interest (OI) has dropped steadily from its 17 October peak of 23.52 million INJ to 18.61 million INJ. Selling pressure also persists in taker activity. The buy-to-sell ratio stands at 0.96, below 1, while sells account for 51.1% of taker orders.

$7.1868 support trendline in focus for Injective

At $7.4800 at press time on Thursday, Injective is consolidating beneath its 50-day Exponential Moving Average (EMA) of $7.5558. It remains above the reclaimed trendline support near $7.1868. These levels leave the short-term bias broadly neutral, although the 200-day EMA at $6.2712 continues to support a constructive longer-term structure.

Momentum indicators nevertheless point to short-term weakness. The Moving Average Convergence Divergence (MACD) has crossed beneath its signal line, while the Relative Strength Index (RSI) sits around 46. Both suggest bullish momentum is losing strength.

The trendline near $7.1868 provides the first downside support. Below that lie horizontal support at $6.7140 and the 200-day EMA at $6.2712.

The 50-day EMA at $7.5539 marks the nearest upside resistance. A firmer hurdle lies at the horizontal level around $8.3490, where gains stalled last week. Closing above $8.3490 on a daily basis would clear the way for another test of resistance at $9.4130.

(The technical analysis of this story was written with the help of an AI tool. Know more.)