Is INJ Coin Heading for a Deeper Correction?
2024-10-05

After the significant hype surrounding  BINANCE:INJUSDT  during the winter and spring, the coin's price began to decline, losing over 50% from its peak in the initial drop. However, by mid-September, the price made a recovery, climbing back above the important $20 mark and breaking through the descending trend line of a falling channel.

While this upward movement appeared to be a bullish signal, the momentum failed to push the price towards the $30 resistance level. Instead, it retreated back to the $20 support level.

Looking ahead, I anticipate that the $20 support level may soon be broken on the downside. If this happens, we could see an accelerated price drop, possibly bringing the price down to $10. The current price action suggests weakening support, raising the likelihood of a deeper decline in the near future.
