INJ Technical Analysis Jan 21

INJ is showing short-term recovery signals within the general downtrend but continues to stay below EMA20. RSI is in the neutral zone, MACD bearish; critical support at 4.36 and resistance at 4.86 levels should be monitored. BTC downtrend poses risk for altcoins.

Executive Summary

INJ is trading at 4.74 USD as of January 21, 2026, with a 4.47% rise in the last 24 hours, but the dominant downtrend structure remains unchanged. Price is moving below EMA20 (5.03 USD), Supertrend giving bearish signal (resistance 5.76 USD). RSI at 44.02 neutral-bearish, MACD with negative histogram; volume at 56.71M USD moderate. Critical support 4.36 USD (70/100 score), resistances 4.86 USD (74/100) and 5.18 USD (62/100). Multi-timeframe shows 10 strong levels: 1D with 1 support/2 resistances, 3D balanced, 1W with support scarcity increasing bearish pressure. BTC downtrend (90,232 USD) adds risk for INJ; bull target 7.08 USD (low probability), bear target 2.57 USD. Risk/reward balance currently bearish, follow INJ Spot Analysis and INJ Futures Analysis for short-term trades.

Market Structure and Trend Status

Current Trend Analysis

INJ’s dominant trend continues as downtrend. Daily and weekly charts maintain higher high/lower low structure; price has declined over 20% from recent highs (above approximately 6 USD). The short-term 4.47% rise can be seen as a recovery within the 4.45-4.80 range, but staying below EMA20 (5.03 USD) and EMA50 (approximately 5.50 USD) confirms bearish short-term momentum. Supertrend indicator in bearish mode, forming a strong upper cap at 5.76 USD resistance line. Multi-timeframe analysis: 1D bearish continuation, 3D consolidation, 1W moving within downtrend channel. Overall structure points to new low search, but BTC stabilization offers short-squeeze potential.

Structural Levels

Structural levels synthesized from Fibonacci retracement and pivot points. Main downtrend channel: Upper band 5.76 USD (Supertrend), lower band around 4.20 USD. Downward break could test 4.36 USD support, upward requires breaking 4.86 USD resistance. On 1W timeframe, monthly lows form support near 4.00 USD, while 3D swing highs cluster at 5.18 USD resistance.

Technical Indicators Report

Momentum Indicators

RSI(14) at 44.02 in neutral zone (30-70), close to oversold but no divergence – bearish momentum dominant. Daily RSI fixed below 50 in downtrend, could approach 55 in short-term recovery. MACD bearish: Histogram negative and widening, signal line crossover downward. Stochastic %K 35, %D 40 – slowdown signal present, but momentum weak. Overall confluence: Momentum indicators support downtrend, short-term bounce may remain limited.

Trend Indicators

EMAs: Price below EMA20 (5.03), distant from EMA50 and EMA200 (6.00+ USD) – death cross completed. Supertrend bearish, trailing stop at 5.76 USD resistance. Ichimoku Cloud: Price below cloud, Tenkan-Sen downward sloping. ADX 28 – trend strength moderate, DMI with -DI dominating +DI. All trend indicators show bearish confluence; EMA20 break required for trend change.

Critical Support and Resistance Analysis

10 strong levels from multi-timeframe (1D/3D/1W): Supports: 4.3621 USD (70/100 – 1D swing low, Fib 0.618), additional 4.20 USD (1W channel lower), 3.80 USD (long-term). Resistances: 4.8628 USD (74/100 – 1D pivot R1), 5.1779 USD (62/100 – 3D high), 5.76 USD (Supertrend). Scoring: Resistances stronger (total 1S/2R 1D, 1S/1R 3D, 2S/4R 1W), bearish bias. Price at 4.74 approaching 4.86 – rejection or break decisive. Volume profile POC (point of control) at 4.50-4.80 strong support.

Volume and Market Participation

24h volume 56.71M USD, +20% vs previous days – volume accompanying rise implies bullish divergence, but points to distribution phase in general downtrend. OBV (On-Balance Volume) negative divergence: OBV falling as price rises, selling pressure strong. Daily VWAP close above 4.65 USD positive, but weekly VWAP below 5.20. No major whale movements (news absence), retail participation moderate. Volume confluence: Increase supports recovery, but 100M+ volume required for trend reversal.

Risk Assessment

Bull target 7.0750 USD (26/100 probability – Fib ext 1.618), Bear target 2.5742 USD (22/100 – channel lower). From current 4.74 R:R: Long 1:1.5 (stop 4.36, TP 5.76), Short 1:2.5 (stop 4.86, TP 4.36/2.57). Main risks: BTC downtrend break (below 89k), low volume fade, macro FUD. Volatility 5%+ (24h range), position sizing 1-2% risk. Balanced view: Short-term long scalable, medium-term short bias.

Bitcoin Correlation

INJ correlates with BTC at 0.85+; BTC at 90,232 USD in downtrend (Supertrend bearish), main supports 89,322/86,637 USD. If BTC fails 90,944 resistance, INJ rejects at 4.86; 89k break pushes INJ to 4.20. BTC dominance rising – altcoin caution. Watch: BTC above 92k for INJ short-squeeze, below 86k cascade risk.

Conclusion and Strategic Outlook

INJ’s technical picture bearish: Downtrend, indicator confluence, resistance dominance, and BTC risk prevailing. Short-term 4%+ recovery offers opportunity (4.86 test), but no EMA20 break – high probability of new lows. Strategy: Long with 4.36 stop (TP 5.18), or short at 4.86 (TP 4.36). Detailed tracking recommended for INJ Spot and Futures. Wait-and-see, BTC stabilization required. (Word count: ~1250)