As a seasoned analyst with years of experience navigating the ever-changing landscape of cryptocurrencies, I find myself intrigued by the current situation of Injective (INJ). The Altaris upgrade has been a significant step forward for this Layer 1 blockchain, but it seems that the market hasn’t quite caught up yet.
For the last month, Injective – a Layer 1 blockchain – has been confined to a narrow price range, indicating a predominantly bearish outlook among investors. The price of INJ has moved into a period of consolidation, suggesting decreased investor enthusiasm. This pattern aligns with a larger market decline as the crypto community prepares for the upcoming Altaris update.
INJ Price Volatility Amid the Upcoming Upgrade
As someone who has been closely following the evolution of blockchain technology for several years now, I must say that the recent Altaris Mainnet Upgrade implemented by the Injective community on August 9th is nothing short of impressive. This significant update not only showcases the relentless dedication and innovative spirit of the team behind it but also underscores their commitment to pushing the boundaries of what’s possible in this space.
The new update introduces an advanced Real World Asset (RWA) Oracle, designed to connect digital and physical assets seamlessly. This development is particularly exciting for traders active in various markets. Additionally, our platform has improved its tokenized products, paving the way for a stronger infrastructure to support future assets.
Over the past 24 hours, the Layer 1 currency has witnessed a notable price drop. As of reporting time, the Injective price 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.
If the negative market trend persists, the INJ price might dip to around $13.50. Continued pessimism could cause the altcoin to slide down to approximately $10. A prolonged bearish forecast may push Injective towards testing lower resistance points.
Based on the technical analysis for Injective, it appears there might be an impending price drop. The Relative Strength Index (RSI) currently stands at 18, indicating that INJ is overbought and potentially heading towards further declines, possibly continuing the downward trend in the market.
Furthermore, the Awesome Oscillator (AO) stands at -4.32, indicating a shift from a bullish (green bars) to a bearish (red bars) trend. This transition suggests a slowing momentum and an intensifying bearish market outlook in the short term.
Dip In TVL Fuels Bearish Sentiment
Based on Defilema’s findings, it appears that the Total Value Locked (TVL) in the Injective Protocol has dropped, currently standing at approximately $28.59 million. This trend suggests a bearish market, indicating that investors are being cautious and there may be increased volatility in the near future.
If bulls regain strength, the INJ price may climb to around $15 or possibly $16. A favorable change in market opinion, along with substantial trading activity, could fuel this increase. After the Altaris mainnet upgrade, the price might surge to $18 due to restored investor trust and enhanced network performance.
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2024-08-05 17:43