2024

Injective

Million

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Injective (INJ) token regain strength and might lead a recovery ahead.</a> </li> 
 <li> <span>2</span> <a>Key indicators are replicating a positive buy signal.</a> </li> 
</ul>  
<p><strong>INJ</strong> has crossed the 20 day EMA mark and might reflect a recovery ahead. The token has settled the gains around $20 and rebounded from there.&nbsp;</p> 
<p>Following market bearishness, the <strong>INJ </strong>has corrected over 30% last month and slipped to the bearish trajectory. Sellers have actively made short positions and are eyeing to break the $20 mark.</p> 
<p>At press time, the <strong>Injective Protocol</strong> traded at $24.30 with an intraday spike of 2.44%, reflecting neutrality on the charts. It has a monthly return ratio of -2.90% and 270.78% yearly.</p> 
<p>The pair of INJ/BTC is at 0.000369 BTC, and the market cap is $2.26 Billion. Analysts are neutral and suggest that the <strong>INJ </strong>may recover the gains and will outperform in the coming sessions.</p> 
<h2 class="wp-block-heading" id="strong-unveiling-the-potential-of-injective-inj-crypto-strong"><strong>Unveiling The Potential of Injective (INJ) Crypto</strong></h2> 
<p>The daily chart shows consistent correction as INJ retested the 2024 low mark of $20. Meanwhile, the correction has come to an end and the token might recover its gains soon.</p> 
<p>As the bullish wave was triggered, <strong><a href="https://www.thecoinrepublic.com/2023/12/20/inj-price-prediction-will-inj-reach-50-ahead-of-santa-rally/" target="_blank" rel="noreferrer noopener">INJ price</a></strong> has retested the 20 day EMA mark and is eyeing a <strong>pullback </strong>ahead.</p> <iframe loading="lazy" title="Santiment Chart: Price (INJ), Volume (INJ)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=core-dao&amp;pt=CORE&amp;df=2023-10-30T00%3A00%3A00.000Z&amp;dt=2024-05-09T00%3A00%3A00.000Z&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 class="has-text-align-center">Source:Santiment</p> 
<p>For weeks, the INJ token showcased <strong>underperformance </strong>as sellers persisted in showcasing their dominance. The intraday trading volume surged over 21.09% to $79.87 Million and is signifying low investor interest.</p> 
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-remained-average-strong"><strong>Price Volatility and Weighted Sentiment Remained Average</strong></h3> 
<p>This week, the price volatility data noted a spike and surged over 13.20% to 0.022 mark, highlighting <strong>investor speculation.</strong></p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (INJ), Weighted sentiment (Total) (INJ)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=core-dao&amp;pt=CORE&amp;df=2023-10-30T00%3A00%3A00.000Z&amp;dt=2024-05-09T00%3A00%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Binjective-protocol%3BINJ%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Binjective-protocol%3BINJ%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p class="has-text-align-center">Source: Santiment</p> 
<p>Amidst the market ups and downs, the weighted sentiment of the token remained flat and stayed close to the midline region, noting around -0.538.</p> 
<h3 class="wp-block-heading" id="strong-significant-spike-in-total-value-locked-tvl-strong"><strong>Significant Spike In Total Value Locked (TVL)</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/9-fveQsxdsWJaqdGqiH7ukNH7Dr0AErJt5ADDF4YjQ4KlT85ZgQxu4v-vJv-RsYcvCCvkGnd79dPc5t9GDSaP3sWcOcShH7PE1T8FgBqqSzFgjR0Cd43lJKsy5trQJOKpNPbW_bDcAIf_SHntnEc72E" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: Artemis</p> 
<p>Since the beginning of this month, the total value locked (<strong>TVL</strong>) of the <strong>INJ</strong> has surged and reached $64.8 Million.&nbsp;</p> 
<p>This on-chain data reflects the early indication of recovery in the future sessions and the token might gain pace ahead.</p> 
<h3 class="wp-block-heading" id="strong-futures-open-interest-data-outlook-strong"><strong>Futures Open Interest Data Outlook</strong></h3> 
<p>The Futures derivative data of the <strong>INJ </strong>highlights fresh long buildup activity, reflecting investor interest.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/SAXfxQr2MZn0mdxMMsqZpqCDHMcY9Cvmbpa7p1xfri9m5eWfdbnibEtXB-6rjOg5Wn_IbYgH0lKi6pLP5zHiT5pJRsQyO3tsoFBmfMF4nwwDd-gQJ_oD7R1xVue9330FEsPBbEAeDuKyGPEIURF7AT0" alt="">
 </figure>
</div> 
<p class="has-text-align-center">Source: coinglass</p> 
<p>The Open interest data surged over 4.27% to $98.84 Million in the last 24 hrs. This signifies the willingness of buyers to retain the 50 day EMA mark ahead. The immediate support levels for <strong>INJ</strong> is $22.00 and $20, whereas the key upside hurdle is around $27, followed by $30.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The <strong>Injective Protocol (INJ) token</strong> price chart shows a rebound from the 52 week low mark of $20 and gained momentum. Meanwhile, the token is yet to breach the prompt hurdle of $30, which is the strong resistance zone.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

INJ Retested 2024 Lows: Key Metrics Suggest Recovery Ahead

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Thecoinrepublic.com

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