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?

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