For the previous month, Injective, a Layer 1 blockchain, has maintained a small trading range, indicating a pessimistic outlook. A phase of consolidation has begun for the INJ price, indicating a lack of interest from investors. This pattern aligns with a more general market decline as the cryptocurrency community waits for the next Altaris update.
For the previous month, Injective, a Layer 1 blockchain, has maintained a small trading range, indicating a pessimistic outlook. A phase of consolidation has begun for the INJ price, indicating a lack of interest from investors. This pattern aligns with a more general market decline as the cryptocurrency community waits for the next Altaris update.
Volatility of INJ Price During the Next Upgrade
The Altaris Mainnet Upgrade was implemented by the Injective community this week on August 9th, marking a significant milestone. With a host of comprehensive enhancements, this big update ushers in a new era of efficiency and accessibility for the blockchain.
The Real World Asset (RWA) Oracle, which strives to close the gap between digital and physical assets, is introduced with this release. For traders who are interested in a variety of marketplaces, this improvement is revolutionary. Simultaneously, the platform has improved its tokenized offers and promises future assets a stronger framework.
The price of the Layer 1 currency has significantly decreased in the last day. The injectable price was down 23.62% to $14.06 at the time of posting. This latest alteration is indicative of the cryptocurrency’s turbulent day, during which values ranged from a low of $13.72 to a high of $18.58.
$14 is the price support level for INJ. Should negative sentiment persist, the price may drop to $13.50. If prices continue to fall, the cryptocurrency may reach $10. A persistently negative outlook would put more pressure on the Injective and possibly push it to lower support levels.
Injective’s technical indicators point to a possible downward trend. The index of Relative Strength (RSI) is below the threshold of 18. This suggests that INJ is in an oversold area, which may portend a continuation of the market’s downward trend.
In addition, the bars on the Awesome Oscillator (AO) are currently changing from green to red, displaying a value of -4.32. This shift suggests a short-term weakening of the momentum and a rising bearish trend.
A decline in TVL feeds pessimism
Defilema data indicates that there has been a decline in the Total Value Locked (TVL) of the Injective Protocol, with a value of $28.59 million. This contributes to the market’s bearish trend, which reflects cautious investor attitude and possible short-term volatility.
Nonetheless, the price of INJ can increase to $15 or even $16 if bulls rally. This upward rise could be supported by strong trade volumes and a positive shift in market mood. The price may rise to $18 after the Altaris mainnet upgrade, propelled by boosted network capabilities and restored investor confidence.