$INJ Let’s break down the price action: this move up happened in two stages, rather than in one straight shot.
The first stage was during the day yesterday. After dipping to the daily low of 7.005 at 8:00, the lows kept rising. From 11:00 to 15:00, the price climbed from 7.36 to 8.10. Hourly volume at 15:00 was about 1.02 million U, roughly 3–4 times the previous two hours, indicating a breakout on increased volume. There was no sharp drop afterward; instead, the price moved sideways for eight hours, from 16:00 to 23:00, between 7.69 and 8.04. In the latter part of this period, hourly volume fell to 110,000–180,000 U, suggesting substantial turnover.
The second stage came in the early hours of today. The price reclaimed 8.15 at 00:00, with volume of about 1 million and 1.12 million U at 1:00 and 2:00, respectively. At 2:00, it reached the daily high of 8.45, but that hourly candle closed at 8.18 with a relatively long upper wick, suggesting there was selling above 8.4.
Gate perpetuals are currently quoted at 8.082, up 10.2% over 24 hours, with about 8.93 million U in volume and a funding rate of -0.0072% (8h). Despite the 10% gain, the funding rate remains slightly negative, so enthusiasm for chasing longs is not particularly strong. Over the same period, BTC was around 83,352 (+1.5%) and ETH around 2,504 (+1.7%). INJ has outperformed the broader market, but this is not quite an independent rally.
Structurally, watch two levels: 8.45 above, the high for this move and the point of the long upper wick; and 7.95–8.00 below, the top of the first stage and the base from which the early-hours rally began. If the price pulls back here on lower volume and holds, the structure remains intact; a high-volume break below would likely send it back to the old 7.7–8.0 range. This is only a review of price action and is not investment advice.
The first stage was during the day yesterday. After dipping to the daily low of 7.005 at 8:00, the lows kept rising. From 11:00 to 15:00, the price climbed from 7.36 to 8.10. Hourly volume at 15:00 was about 1.02 million U, roughly 3–4 times the previous two hours, indicating a breakout on increased volume. There was no sharp drop afterward; instead, the price moved sideways for eight hours, from 16:00 to 23:00, between 7.69 and 8.04. In the latter part of this period, hourly volume fell to 110,000–180,000 U, suggesting substantial turnover.
The second stage came in the early hours of today. The price reclaimed 8.15 at 00:00, with volume of about 1 million and 1.12 million U at 1:00 and 2:00, respectively. At 2:00, it reached the daily high of 8.45, but that hourly candle closed at 8.18 with a relatively long upper wick, suggesting there was selling above 8.4.
Gate perpetuals are currently quoted at 8.082, up 10.2% over 24 hours, with about 8.93 million U in volume and a funding rate of -0.0072% (8h). Despite the 10% gain, the funding rate remains slightly negative, so enthusiasm for chasing longs is not particularly strong. Over the same period, BTC was around 83,352 (+1.5%) and ETH around 2,504 (+1.7%). INJ has outperformed the broader market, but this is not quite an independent rally.
Structurally, watch two levels: 8.45 above, the high for this move and the point of the long upper wick; and 7.95–8.00 below, the top of the first stage and the base from which the early-hours rally began. If the price pulls back here on lower volume and holds, the structure remains intact; a high-volume break below would likely send it back to the old 7.7–8.0 range. This is only a review of price action and is not investment advice.