Injective Trades Below $7.33 Neckline as $13.40 Projection Remains Conditional

Injective (INJ) traded at $7.07 on Binance spot Oct. 10, below a $7.33 neckline tied to a conditional $13.40 cup-and-handle projection, leaving the bullish scenario dependent on a recovery above nearby resistance.

Ali Martinez identified Oct. 5 a cup-and-handle breakout in Injective and a retest of the neckline near $7.33. He said defending that level while momentum improved could point toward $13.40.

The bullish setup could regain relevance if INJ moves above resistance spanning $7.21 to $7.35. A break below $6.70 would put the 50-day simple moving average near $6.44 in focus. Immediate support was $6.88, while $6.70 was identified as strong support.

INJ’s 24-hour range was $6.84-$7.16, with spot volume of $5.4 million. The seven-day simple moving average stood at $7.38, compared with $7.60 for the 20-day SMA. The 12-day exponential moving average was $7.34, and the 26-day EMA was $7.15.

The 50-day SMA was $6.44, while the 200-day SMA was $4.97. Daily momentum indicators were mixed: the MACD and signal line were both 0.1918, leaving the histogram at 0.0000. The 14-period relative strength index was 49.26, while the stochastic oscillator showed %K at 34.26 and %D at 27.41.

Binance futures open interest was approximately $22.86 million, or 3,475,739 contracts, at 4 a.m. ET (08:00 UTC) on Oct. 10. Open interest declined 0.62% over 24 hours, while the eight-hour funding rate was 0.0088%.

Binance global accounts were 43.4% long and 56.6% short during a one-hour observation window. Top-trader accounts were 52.2% long and 47.8% short. The taker buy/sell ratio was 1.0801, based on buy volume of 74,195 and sell volume of 68,696.

The $13.40 figure is a technical pattern projection, not a confirmed price target. The setup remains conditional on INJ reclaiming and holding the approximately $7.33 neckline while momentum improves.