Injective (INJ) price succumbed to the Friday crash that was instigated by Bitcoin price dumping to whiplash hundreds of millions in long and short positions.
Injective price dipped nearly 20%, succumbing to broader market crash on Friday. INJ is likely not to be left behind, trapping shorters for breakdown contingent on Bitcoin price showing strength. A break and close below $20.00 would invalidate the bullish thesis. Injective price succumbed to the Friday crash that was instigated by Bitcoin price dumping to whiplash hundreds of millions in long and short positions.
Participants may rush to capitalize on perceived opportunities, resulting in rapid price movements and fluctuations in liquidity. With the Relative Strength Index below 30, INJ is already oversold and may be due for a pullback. The likely play incase of a correction would be a flip of the $29.27 blockade into support, followed by a retest of this resistance-support before an extended move to the 50% Fibonacci placeholder at $37.24. A move beyond $37.
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