Convergence

Injective

Bitcoin

Avalanche

<p>Injective’s INJ token has been on a remarkable run, hitting an all-time high of around $52 just a few days ago. However, the cryptocurrency is currently facing a significant correction, plunging 12% today amid a broader crypto market downturn. INJ is now trading around the $40 level, a crucial psychological support zone that needs to hold to prevent further downside.</p>
<p>AlanSantana, one of the most popular crypto traders on TradingView, has <a href="https://www.tradingview.com/chart/INJUSDT/IfXf3XEP-Injective-Multiple-Signals-Technical-Analysis-101/" target="_blank" rel="noopener noreferrer nofollow">shared</a> his technical analysis on INJ, providing insight into the current price action. He notes:</p>
<p><em>“The chart speaks, it has things to say. Injective hit a peak 11-November 2023. A higher high hit 24-December, same year, more than 135% higher. There was also a peak in July and if we compare this one to November we have about 95% growth between the former and the latter.”</em></p>
<p>Santana’s analysis highlights the formation of a potential double top pattern, a bearish signal within an overall bullish trend. He explains:</p>
<p><em>“When you consider the latest ‘higher high,’ the new ATH hit 14-March 2024, we can see that it is only a little over 15% higher compared to Decembers high and this after months of consolidation. Immediately after the new high is hit we also get a rejection and the action moves back below Decembers peak price.”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="481" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-1024x481.png" alt="" class="wp-image-454165" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-1024x481.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-300x141.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-767x360.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-1536x721.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-2048x961.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-320x150.png 320w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-100x47.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-746x350.png 746w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740-788x369.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-740.png 1291w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>This technical pattern, coupled with other indicators, suggests that INJ may be facing strong resistance in the current price range.</p>
<p>Diving deeper into the technicals, the MACD (Moving Average Convergence Divergence) line is currently above the MACD signal line, indicating a bullish trend. However, the Relative Strength Index (RSI) hovers around 40 across all time frames, suggesting that the asset is in a oversold territory and may be due for a bounce.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Explosion in Meme Coin Market; How to find potential successors to $BONK, $PEPE, and $WIF? <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p>The key? Getting in early, especially during the <strong>ICO phase</strong>. Check out <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>NuggetRush</strong></a> today! This pioneering memecoin combines play-to-earn gaming with authentic gold mining ventures. <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>Seize the opportunity</strong></a> with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<p>While the technical analysis points to potential short-term downside, it’s important to note that INJ’s fundamentals remain strong. The project has been steadily gaining traction, with its decentralized exchange and interoperability solutions gaining adoption among developers and traders alike.</p>
<p>In conclusion, Injective’s INJ token is facing a significant correction after a remarkable rally. While the technical indicators suggest a potential double top formation and bearish signals, the project’s fundamentals remain solid.</p>
<p>Traders and investors will be closely watching the $40 level as a crucial support zone, and any breach of this level could trigger further selling pressure. However, given the crypto market’s volatility, a swift recovery cannot be ruled out, especially if the broader market sentiment improves.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/grayscale-prepares-for-a-bitcoin-sell-off-but-should-this-worry-us/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Prepares for a Bitcoin Sell-Off, But Should This Worry Us?</a></li>
 <li><a href="https://captainaltcoin.com/ripples-xrp-could-soon-soar-to-1-according-to-this-analysts-charts/" target="_blank" rel="noopener noreferrer nofollow">Ripple’s XRP Could Soon Soar to $1 According to This Analyst’s Charts</a></li>
 <li><a href="https://captainaltcoin.com/worldwide-crypto-magnetism-intensifies-as-avalanche-avax-tether-usdt-adopt-raffle-coin-raff-presale-for-anticipated-100x-upswing/" target="_blank" rel="noopener noreferrer nofollow">Worldwide Crypto Magnetism Intensifies as Avalanche (AVAX) &amp; Tether (USDT) Adopt Raffle Coin (RAFF) Presale for Anticipated 100X Upswing</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/heres-why-injectives-inj-price-is-plunging/" rel="noopener noreferrer nofollow">Here’s Why Injective’s INJ Price is Plunging</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Here’s Why Injective’s INJ Price is Plunging

Table of Contents

CaptainAltcoin

Other articles published on Mar 17, 2024

U.S Manufacturers Embracing Metaverse as per World Economic Forum

2024’s Golden Ticket: Investing in NFTFN’s Presale Token for Maximum Returns

Is Solana (SOL) An Ideal Choice? Holders See 125% Growth In KangaMoon (KANG)

Bitcoin Endures Decline as Market Anticipates Federal Reserve’s Rate Decision

Nigeria’s regulator proposes new rule for crypto service providers

Didn’t Invest in Ethereum Early? This Crypto Gem Is Poised to Explode!

Join our free newsletter for daily crypto updates!