Crash

Value

Injective

World

Injective, a Layer 1 blockchain, has remained in a narrow trading range for the past month, reflecting a bearish sentiment. The INJ price has entered a consolidation phase, signalling a lack of investor interest. This trend coincides with a broader market downturn as the crypto community anticipates the upcoming Altaris upgrade. 
<h2 id="strong-inj-price-volatility-amid-the-upcoming-upgrade-strong">INJ Price Volatility Amid the Upcoming Upgrade</h2> 
This week, on August 9th, the Injective community celebrated a milestone by implementing the <a rel="nofollow" href="https://blog.injective.com/en/a-new-age-of-injective-the-altaris-mainnet-release/">Altaris Mainnet </a>Upgrade. This significant update propels the blockchain into a new era of efficiency and accessibility, offering a suite of improvements across the board. 
The upgrade ushers in the advanced <a href="https://coingape.com/rwa-tokens/">Real World Asset </a>(RWA) Oracle, which aims to bridge the gap between digital and physical assets. This enhancement is a game-changer for traders interested in diverse markets. In tandem, the platform has refined its tokenized offerings, promising a more robust framework for future assets. 
Over the past 24 hours, the<a href="https://coingape.com/top-layer-1-crypto-projects/"> Layer 1</a> currency has witnessed a notable price drop. As of reporting time, the <a rel="nofollow" href="https://coinmarketcap.com/currencies/injective/">Injective price </a>hovered at $14.06, marking a 23.62% decrease. This recent change reflects a volatile day for the cryptocurrency, which saw prices ranging from a low of $13.72 to a high of $18.58. 
The INJ price support level is $14. If bearish sentiment continues, the price could fall to $13.50. Further declines could see the altcoin drop to $10. A sustained bearish outlook could pressure the Injective further, potentially testing lower support levels. 
The technical indicators for Injective suggest a potential downtrend. The <a href="https://coingape.com/glossary/rsi-relative-strength-index/">Relative Strength Index</a> (RSI) is below the 20 mark of 18. This indicates that INJ is in an oversold territory, which could suggest a continuation of the downtrend in the market.&nbsp; 
Additionally, the Awesome Oscillator (AO) currently shows a value of -4.32, with the bars transitioning from green to red. This change signals a decrease in momentum and a strengthening bearish trend in the near term. 
<figure id="attachment_211049" aria-describedby="caption-attachment-211049" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-211049" src="https://coingape.com/wp-content/uploads/2024/08/INJUSDT_2024-08-05_15-45-14.png" alt="Can Injective Protocol’s Altaris Upgrade Prevent INJ Price from Crash to $10?" width="1154" height="588" srcset="https://coingape.com/wp-content/uploads/2024/08/INJUSDT_2024-08-05_15-45-14.png 1154w, https://coingape.com/wp-content/uploads/2024/08/INJUSDT_2024-08-05_15-45-14-300x153.png 300w, https://coingape.com/wp-content/uploads/2024/08/INJUSDT_2024-08-05_15-45-14-768x391.png 768w, https://coingape.com/wp-content/uploads/2024/08/INJUSDT_2024-08-05_15-45-14-150x76.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-211049" class="wp-caption-text">
 INJ Price
 </figcaption>
</figure> 
<h2 id="strong-dip-in-tvl-fuels-bearish-sentiment-strong">Dip In TVL Fuels Bearish Sentiment</h2> 
According to <a rel="nofollow" href="https://defillama.com/chain/Injective">Defilema</a> data, a decrease in the Injective Protocol’s Total Value Locked (TVL) has been observed, reaching $28.59 million. This fuels a bearish trend in the market, reflecting cautious investor sentiment and potential volatility in the short-term 
However, if bulls make a comeback, the INJ price could rise to $15 or even $16. A positive shift in market sentiment, combined with solid trading volumes, might support this upward movement. Following the Altaris mainnet upgrade, the price might reach $18, driven by renewed investor confidence and increased network capabilities.&nbsp; 
The post <a href="https://coingape.com/markets/can-injective-protocols-altaris-upgrade-prevent-inj-price-from-crash-to-10/">INJ Price Forecast: Can Altaris Upgrade Stop Injective Protocol’s Decline to $10?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

INJ Price Forecast: Can Altaris Upgrade Stop Injective Protocol’s Decline to $10?

Table of Contents

Coingape News Media

Other articles published on Aug 5, 2024

Japan’s Rate Hike Shakes Crypto Markets

Ethereum Spot ETFs Debut in U.S. Exchanges, Supported by Major Issuers

Crypto Crash Will Start a Bitcoin Bull Run: Bitwise CEO

Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?

BC.GAME Partners with Cloud9 as the Organization Expands Esports Portfolio with Entity Acquisition

BNB Targetting $1200 On Breakout, RBLK Set To Make A 7th New High Since Start Of July, ATOM Strug...

Join our free newsletter for daily crypto updates!