Injective Price Capped Within Range: Can INJ Bulls Maintain $20?
Injective price has remained stagnant within a specific range, influenced by bearish sentiment. Despite an upcoming upgrade, the market has been dominated by negative sentiment.
For the past three months, the price of the Injective token has shown little movement, indicating low investor interest. The increased trading volume and consistent decline in price suggest a significant selling pressure, foreshadowing a bearish trend. The crucial support level at $20 has so far remained intact, with both bulls and bears targeting this mark for a potential further decline.
Recent attempts to break above the pivot of $25 have failed, resulting in a subsequent sell-off. The token has experienced a drop of over 18% and has fallen below key moving averages this week.
As of now, Injective is trading at $20.87, with a daily decrease of 2.73%. The price action shows bearish swings on the chart, reflecting a short-term consolidation phase. The INJ/BTC pair is currently at 0.000326 BTC, and the token is ranked 47th with a market cap of $2.03 billion.
The ongoing price action suggests that sellers have established a strong position around the $30 mark, as buyers have repeatedly failed to break through this resistance level. The chart indicates a significant setback and continued selling pressure. If the immediate support at $20 is breached, the price may further decline towards the $15 mark.
However, some believe that the upcoming upgrade could lead to a recovery in the INJ token’s price. @MarcoPolo, in a tweet, expressed optimism about the Altaris upgrade, stating that it enhances scalability, smart contract capabilities, and interoperability, positioning Injective as an industry leader.
Technical indicators also provide mixed signals. The RSI curve has experienced a sharp decline and entered the oversold region, indicating a negative divergence. Similarly, the MFI indicator suggests that sellers remain in control due to negative money inflow.
Despite the price downtick, social metrics show promising signs. Weighted sentiment data has experienced a notable uptick, reaching the positive region, suggesting that the upcoming upgrade may impact the token’s price. Additionally, social dominance has witnessed a significant increase, indicating increased discussion among investors on social media platforms.
In terms of liquidations, short liquidations were noted at $543.39, while long liquidations were at $60.51k. This indicates that sellers have outpaced bullish positions during this week.
Open interest (OI) has decreased by 8.23% to $91.39 million, suggesting unwinding of long positions over the past 24 hours.
If the Injective token fails to maintain the $20 mark, it may test support levels at $18 and $15. Conversely, if the price shows a rebound, it could recover towards resistance levels at $25 and $28.
In summary, the Injective token price remains capped within a range, and clear price movements have yet to emerge. Unless the $30 resistance level or the $20 support level is breached, the token will likely continue to consolidate.