2024

Injective

Secure

Coin

<p><strong>Injective price </strong>continued to hover in a closed range and was traded under bearish influence. Amidst the upcoming Altaris upgrade, negative sentiment remained on the chart.</p> 
<p>For over three months, the Injective token price stagnated in a consolidation phase and displayed low ’investor interest.</p> 
<p>The increased volume and consistent declining price showed that the selling pressure was at its peak. The same showed a bearish trend was on the horizon. The price range’s crucial neckline of $20 seemed secured. Bulls and bears targeted the mark for an extended downfall.</p> 
<p>Recently, the<strong> </strong><a href="https://www.thecoinrepublic.com/price-prediction/injective/"><strong>INJ </strong></a><strong>token</strong> price failed to crack the pivot of $25. In fact a fall noted from there, which led to a follow-up selloff. Noted a drop of over 18%, the token has dragged below the significant moving averages this week.</p> 
<p>At press time, the Injective was trading at $20.87 with an intraday drop of 2.73%. Price action displayed bearish swings on the chart. It has a monthly return ratio of -10.82% and 162.30% yearly, reflecting short-term consolidation.</p> 
<p>The pair of INJ/BTC was at 0.000326 BTC, and the token was ranked at 47 with a market cap of $2.03 Billion.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-injective-s-supply-increases-will-it-lead-to-a-selloff"><strong>Injective’s Supply Increases: Will It Lead to a Selloff?</strong></h2> 
<p>The ongoing price action of the INJ token projected a bearish stance and conveyed that sellers have grabbed their hard position around the $30 mark. Amidst the multiple attempts, buyers failed to cross the barrier and made multiple tops around it.</p> 
<p>The chart displayed a significant setback and selloff. Moreover, the follow-on selloff with an extensive volume signified that sellers had tried to maintain their upper hand and looked confident.</p> <iframe loading="lazy" title="Santiment Chart: Price (INJ), Volume (INJ)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-02T18%3A29%3A59.753Z&amp;dt=2024-08-02T18%3A29%3A59.753Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Binjective-protocol%3BINJ%5D%3B%5B1%3Bvolume_usd%3Binjective-protocol%3BINJ%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Once the immediate pivot of $20 breaches, an extended bearish leg toward the $15 mark can be seen.</p> 
<p>@MarcoPolo, in his tweet, said that INJ may see a recovery, as the upcoming upgrade might fuel the buying pressure.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I choose only winners, thats why <a href="https://twitter.com/search?q=%24INJ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$INJ</a> is big part of my portfolio! <br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f535.png" alt="🔵" class="wp-smiley" style="height: 1em; max-height: 1em;"> Altaris upgrade is big step forward, enhancing scalability, smart contract capabilities, and interoperability. <br><br>These advancements position <a href="https://twitter.com/injective?ref_src=twsrc%5Etfw">@injective</a> as a leader in the industry.<br><br>• Transformative… <a href="https://t.co/Lxo9l3ZrHU">pic.twitter.com/Lxo9l3ZrHU</a></p>— Marco Polo (@MarcoPoloMaps) <a href="https://twitter.com/MarcoPoloMaps/status/1819278689881796879?ref_src=twsrc%5Etfw">August 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Notably, the RSI curve showed a steep decline and dragged to the oversold region, plotting a negative divergence on the chart. Similarly, the MFI indicator signified the negative money inflow directed the sellers’ control.</p> 
<h2 class="wp-block-heading" id="h-social-metrics-plotted-a-surprising-uptick-nbsp"><strong>Social Metrics Plotted a Surprising Uptick&nbsp;</strong></h2> 
<p>Despite the significant price downtick, the weighted sentiment data showed a notable uptick and surged over 5% to the positive region, which was noted at the 0.317 mark. This significant shift signified an upcoming upgrade might impact the token’s price.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (INJ), Social Dominance (INJ)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-02T18%3A29%3A59.753Z&amp;dt=2024-08-02T18%3A29%3A59.753Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Binjective-protocol%3BINJ%5D%3B%5B1%3Bsocial_dominance_total%3Binjective-protocol%3BINJ%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Surprisingly, the social dominance data saw a massive spike. It rose over 35% to 0.439%, revealing the beginning of chatter among investors on social media platforms.</p> 
<h2 class="wp-block-heading" id="h-total-liquidations-data-insights"><strong>Total Liquidations Data Insights</strong></h2> 
<p>When writing, the short liquidations were noted at $543.39, whereas the long liquidations were $60.51k. This strategic shift showed sellers have continued to outpace the bulls army this week.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="277" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37-1024x277.png" alt="Liquidity Data&nbsp; Source: Coinglass" class="wp-image-647122" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37-1024x277.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37-300x81.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37-768x208.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37-696x188.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37-1068x289.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-37.png 1438w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidity Data&nbsp;| Source: Coinglass
 </figcaption>
</figure> 
<p>The Open Interest (OI) shed over 8.23% to $91.39 Million, signifying long unwinding activity in the past 24 hours.</p> 
<p>If the Injective token’s price fails to secure the $20 mark, it could retest the $18 mark and then the $15 mark. On the other hand, if the token’s price gains a pullback, it may recuperate toward the resistance mark of $25, followed by $28 ahead.</p> 
<p>The Injective token price hovered in a closed range, and unclear price moves were noted. Until the upside of $30 and downside of $20 do not breach, the token can continue to hover in the consolidation zone.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/04/injective-price-capped-in-range-can-inj-bulls-secure-20-mark/">Injective Price Capped In Range: Can INJ Bulls Secure $20 Mark?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Injective Price Capped In Range: Can INJ Bulls Secure $20 Mark?

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 4, 2024

Cardano Price Prediction: Will ADA Price Crash to 0?

Trump’s Bitcoin Plan for $35T US Debt Faces Doubts

Bitcoin eyes $58K CME gap next as 8% BTC price rout sees longs 'rekt'

TRON DAO Dominates with 78% of USDT Transactions in 2024

Bittensor (TAO) Price Plummets 20%; Does Further Correction Loom

Bitcoin Price Prediction: Will BTC Rebound or Crash Below Key Support?

Join our free newsletter for daily crypto updates!