What Injective needs to do to flip bullish – Reclaim the 20-day EMA

Injective [INJ] has extended its bearish push after an aggressive rejection at the flag resistance a few days ago. At press time, the token was trading below its 20-day exponential moving average at $7.779 after hours of intense selling. Concurrently, Injective's Open Interest took a sharp drop over the last 24 hours as the network’s supply in profit flattened. Now, can network bulls force a reversal? INJ faces another rejection at the 20-day EMA INJ's rejection at flag resistance weakened its recovery attempt, while the latest barrier at the 20-day EMA adds another challenge for buyers. Failure to reclaim this moving average could keep the short-term trend tilted to the bears. The last line of defense lies around the demand zone around $7.

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