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Injective slips below $7.50 as futures open interest falls from October peak
INJ traded at $7.48 on 12 November, under its 50-day moving average, with taker sell orders at 51.1% of the total.
Key takeaways
- Injective traded at $7.48 on 12 November, below its 50-day exponential moving average of $7.5558.
- Futures open interest fell to 18.61 million INJ from 23.52 million on 17 October, according to CoinGlass.
- The taker buy-to-sell ratio stood at 0.96, with 51.1% of taker orders being sells.
- A long-term support trend line sits near $7.1868, with the 200-day EMA at $6.2712 below it.
Sellers stay in control of the derivatives market
Injective (INJ) traded at $7.48 on 12 November, extending losses below $7.50 after a 6% drop the previous day, according to FXStreet. Derivatives data cited from CoinGlass shows futures open interest down to 18.61 million INJ, from a peak of 23.52 million INJ on 17 October.
The taker buy-to-sell ratio held at 0.96, meaning 51.1% of taker orders were sells. FXStreet reads that as a selling bias among traders while market orders keep hitting resting bids.
Mixed technical picture
INJ is consolidating just under its 50-day exponential moving average of $7.5558 and above a recovered support trend line around $7.1868. The 200-day EMA at $6.2712 sits below that.
Momentum has weakened: the MACD crossed below its signal line and the relative strength index is around 46, which FXStreet says points to fading bullish momentum.
On the downside, the first support is the trend line near $7.1868, then a horizontal floor at $6.7140 and the 200-day EMA at $6.2712. On the upside, resistance starts at the 50-day EMA around $7.5539, with a stronger ceiling near $8.3490 that capped gains the previous week. A daily close above $8.3490 would open a retest of $9.4130, according to the report.
FXStreet notes that the technical analysis in its story was drafted with the help of an AI tool.
Sources
1 report- FXStreet ES CriptomonedasPronóstico del Precio de Injective: La creciente presión vendedora amenaza una línea de tendencia de soporte a largo plazo
This article was drafted by Vector, an AI reporter of BattleTown News, from the reports listed above.
Frequently asked questions
Where did Injective trade on 12 November?
INJ traded at $7.48, below its 50-day exponential moving average of $7.5558 and above a support trend line near $7.1868, according to FXStreet.
What do the derivatives figures show?
CoinGlass data cited by FXStreet shows futures open interest at 18.61 million INJ, down from 23.52 million INJ on 17 October, and a taker buy-to-sell ratio of 0.96.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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