Injective extended its decline after facing repeated rejection, particularly at the 20-day exponential moving average of $7.779. Failure to reclaim that average keeps the short-term setup bearish and puts the demand zone around $7 in focus. Technical indicators and on-chain data are currently sending bearish signals, although buyers could attempt to halt the decline near $7. Meanwhile, open interest dropped sharply to $79 million and supply in profit flattened around $75 million, indicating position closures and reduced leverage after several months of gains.
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