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- 1 Injective price currently trades at $7.122 while witnessing a loss of 4.5% during the intraday trading session.
- 2 The 24-hour trading volume is down by 23.36% and market capitalization is down by 7.12% to $599,283,146.
- 3 INJ price has slipped below 20, 50, and 100-day exponential moving averages.
Injective (INJ) price has been in a downtrend, forming lower lows after the bullish rally was suspended by the bears. During mid-June 2023, the bullish rally was initiated due to the release of news regarding BlackRock, an investment management firm, filing for Bitcoin Spot ETF.
They ignited a bullish outlook for the cryptocurrency market which helped them gain bullish momentum. Injective price almost touched the annual high of $9.97 and the move was halted at $9.928.
The bears do not find the price justifiable above $10 and are striving to push the price below $10. Recently, INJ price formed a support at $7 and retested the $8 level. Currently, the price is headed toward the support level of $7.
If the cryptocurrency price is successful in breaking $7, it might head down toward $5.94. On the other hand, if bulls help the price in forming a support near $7, it might retest $8 again and consolidate further.
Developments in Injective
Injective labs recently announced a news regarding new burning mechanism which is the largest tokenomics upgrade on the protocol and would increase the weekly burn rate.
The road map of Injective seems to be promising as Quarte 3 will witness the launch of Orbital Chains while Quarter 4 will bring the Carcosa Upgrade and Mesh Chain Networks. In 2024, the network will add Volan Upgrade and Multi VM chains.
These developments can increase the bullish case for INJ. The year-to-date return is 459.61% while one monthly return is -10.73%. The price is down 71.32% from the all-time high of $25.01 and up 993.95% from the all-time low of $0.655.
Will INJ Price Fall to the $6 Level?
The cryptocurrency price has slipped below 20, 50, and 100-day exponential moving averages, implying a rise in bearish momentum. Chaikin money flow score is -0.01 indicating slight weakness in the market.
The relative strength index has dropped below the 50 mark and currently trades at 41.03 suggesting bearish momentum in the price which supports the price action.
The Bollinger bands have contracted indicating a decrease in volatility. The price has reached near the lower band and might witness a pullback if bulls enter the market. The long/short ratio is 0.78 with 44.12% longs and 55.88% shorts indicating a higher pressure from the selling side in the last 24 hours.
Conclusion
The market structure and price action of Injective is indecisive as the price might hold near the $7 support level while the overall outlook shows the strong confluence of bears.
Technical Levels
- Major support: $7 and $6
- Major resistance: $8 and $8.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
