Injective price is showing signs of a recovery after rebounding from the $7 range, with buyers pushing the token back above $8. The latest daily candle recorded a 4.33% gain, bringing the price to $8.26 as momentum indicators began showing signs of improvement. The rebound has also coincided with a recovery in derivatives, suggesting renewed participation.
However, the recovery faces an important technical hurdle that raises the question of whether buyers can break the $10 resistance or undergo a correction following a rejection.
Injective Price Rebounds as Momentum & Open Interest Improve
The INJ price climbed to an intraday high of $8.5 before correcting to $8.281, marking a 4.33% daily gain. The recovery has brought the token back above $8, although buyers still face an ascending resistance trendline that could restrict further gains. The RSI has rebounded firmly, while the MACD shows an early bullish crossover, with the MACD line moving above the signal line. Both the lines remain below the zero level, suggesting that the broader momentum recovery still needs confirmation.
Besides, the derivatives market is also showing signs of renewed participation. The Coinglass data shows Injective’s open interest recovered to approximately $140 million, rising from around $125 to $130 million earlier this month. This increase coincided with the token’s rebound from $7 to $8.
The immediate hurdle stands at $8.584, the intraday high, and a sustained move above this range could strengthen the recovery to $10. Meanwhile, a failure could push the rally towards the immediate support between $7.8 and $8, or even lower to $7.05. For now, INJ’s improving momentum indicators and recovering open interest support a cautiously bullish short-term outlook. However, the ascending resistance trendline remains the key obstacle the buyers need to overcome before a stronger upside continuation can be established.
Can INJ Sustain Its Recovery?
Injective’s latest rebound has improved its short-term outlook, but a sustained recovery will depend on whether buyers can overcome the overhead resistance. A move above $9.50 to $9.93 could strengthen the bullish case and bring $11.21 into focus. However, failure to maintain support around $8 could expose the token to another correction. For now, INJ price remains at a crucial turning point, with the next decisive move likely to determine whether the recovery has further room to run.
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