Injective holds near $7.50 as futures open interest and buying pressure fall

Injective trades just under $7.50

Injective (INJ) was trading at $7.4800 on Thursday, 12 November, after falling 6% the previous day, according to FXStreet. The token is consolidating just below its 50-day exponential moving average (EMA) of $7.5558, a line that tracks the recent average price, while holding above a reclaimed support trendline around $7.1868.

The 200-day EMA at $6.2712 sits below the current price and, in the FXStreet reading, keeps the broader structure constructive. The near-term picture is closer to neutral.

Futures data points to selling

Derivatives data cited from CoinGlass shows open interest in INJ futures at 18.61 million INJ, down from a peak of 23.52 million INJ on 17 October. Open interest is the total value of contracts still open.

The taker buy-to-sell ratio stood at 0.96, meaning slightly more aggressive orders were sells than buys; 51.1% of taker orders were sells. FXStreet reads the combination of falling open interest and a ratio below 1 as a sign that buyers are the weaker side of the market.

Momentum indicators weaken

The Moving Average Convergence Divergence (MACD) has dropped below its signal line, and the Relative Strength Index (RSI) is around 46. FXStreet describes this as bullish momentum fading toward bearish levels.

FXStreet lists support at the trendline near $7.1868, then a horizontal floor at $6.7140 and the 200-day EMA at $6.2712. Resistance sits at the 50-day EMA around $7.5539, with a stronger barrier near $8.3490 that capped gains in the past week. A daily close above $8.3490 would open a retest of $9.4130, the report says.

FXStreet states that the technical analysis in the report was produced with an AI tool.