INJ price under bearish pressure as Injective announces a new ecosystem growth initiative 🌲

Injective has just announced a new Revenue Fund aimed at boosting ecosystem growth just as the INJ token comes under pressure from a bearish chart pattern in the near term.
INJ price analysis 📉
INJ price is now hovering just beneath the broken neckline around $11.20, with momentum indicators — both RSI and MACD — reinforcing the bearish outlook, though the selling pressure appears to be weakening slightly. The token also fell below its 20-day EMA, signaling continued downside pressure in the near term unless a reclaim of the neckline occurs.
That said, the recent dip to $8.95 formed a higher low along the ascending long-term trendline, which formed after INJ price had reversed from $6.34 in early April — the lowest level since September 2023. This suggests that, despite the bearish breakdown, INJ remains technically within a broader uptrend, reinforced by its continued position above the 100-day SMA.

If the price reclaims the neckline and closes above $11.30 – $12.00 with strong volume, the bearish scenario weakens. That would form a bear trap, and bulls could push to retest $14.30 — the swing high that marked the peak of the right shoulder.

#INJ# #btc# #eth# #sol#