Robinhood has added Injective's token INJ to its trading list, but the listing has not resulted in a significant price surge. Foreign media outlets believe that, more important than the listing news, INJ's consolidation after its previous rebound and whether it can regain its footing around $5 are currently key concerns.
The listing announcement failed to trigger a significant price increase.
Robinhood announced on its X platform that users can now trade INJ on the platform. As one of the largest cryptocurrency exchanges in the United States, Robinhood's listings typically increase the visibility and reach of tokens.
However, judging from market performance, INJ did not exhibit the "price surge immediately upon listing" trend commonly seen among traders. The article argues that this indicates short-term speculative funds did not rush into the market due to this news, and overall market sentiment remains cautious.
After the initial rebound, it entered a period of consolidation.
INJ fell to around $3 in April before rebounding and rising to about $7.30 in early June. However, it encountered strong resistance at this level and the price fell back again.
By late June, the INJ had returned to around $4, with its overall trend shifting from a rapid rebound to range-bound consolidation. Foreign media outlets believe this indicates the current structure is more akin to a period of fluctuation than a confirmed new upward trend.
- The low in April was around $3.
- The high in early June was around $7.30.
- It fell back to around $4 in late June.
The area around $5 has become the short-term focus.
The article points out that the market's focus going forward is whether the INJ can regain its position above the 200-day exponential moving average. This level, roughly around $5, is considered a significant resistance level at this stage.
If the price breaks through this level, INJ may retest the $7 area; if buying continues to strengthen, the higher target could be around $14. Conversely, if it fails to recover the $5 level, selling pressure may increase again, and the price may retest the $3 support area.
Overall, the listing on Robinhood has improved the trading availability of INJ, but whether the price can break out of its consolidation in the short term still depends on whether subsequent buying can push it to break through key resistance levels.
