Injective

Interoperable smart contracts layer 1 blockchain network <a href="https://www.blockhead.co/tag/injective/" rel="noopener noreferrer nofollow">Injective&#39;s (INJ)</a> all-time high of $53 significantly pales in comparison to its current price action with the native token of the blockchain built for finance trading at $23, as of the time of writing. The choppy nature of the market in recent times has contributed to the massive selling pressure on INJ.The most recent dip over the past 12 hours took INJ under the $23.91 support level. With multiple bearish candles in a row, traders can look to open new short positions with the goal of a sub-$20 price for INJ.<h3 id="price-rejection-at-52-unleashed-selling-wave">Price Rejection at $52 Unleashed Selling Wave</h3>INJ’s strong bullish move from the $14 support level hit a major roadblock at the $52 resistance level in March. Since then, INJ has been under sustained selling pressure, breaking through several support levels.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f8ebe2ad5a0c41b49d827df5983bb11f.png" />INJ/USDT on TradingView (Daily Timeframe)This was illustrated by the Relative Strength Index’s (RSI) sub-neutral 50 movement, due to the significant selling pressure. This has kept INJ on a bearish trend both on the daily timeframe and lower timeframes.Despite the sustenance of capital inflows, the current dip by the Chaikin Money Flow (CMF) into negative territory suggested that investors could be running out.This exhaustion of potential buying pressure along with the bearish trend offers traders a new opportunity to ride the selling wave. Sellers can enter at the current market price of $23 with a profit target at $15–18 for 20–25% returns.Alternatively, if buyers recover the $23.91 support level over the next 48 hours, this could invalidate the bearish trade setup. As such, traders should actively track market sentiment, as a shift in market dynamics could result in a swift price reversal.<h3 id="injective-ecosystem-keeps-expanding">Injective Ecosystem Keeps Expanding</h3>Injective recently announced an Interoperable EVM (inEVM) infrastructure in collaboration with Arbitrum.In a May 8 <a href="https://blog.injective.com/en/arbitrum-and-injective-are-together-pioneering-novel-interoperable-evm-infrastructure/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">blog post</a>, Injective described the integration as &#34;meticulously engineered to meet the unique needs of Injective and the broader Ethereum ecosystem.&#34;Working with Arbitrum brings a fully customized interoperability rollup across Cosmos and Ethereum, allowing for a broader developer toolkit for inEVM users.Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.

Injective: Is INJ Headed Toward December Price Lows?

İçindekiler

Blockhead

10 May 2024 tarihli diğer yazılar

Vitalik Warns Against Hardware Wallet Risks, Advocates Multisig Approach for Security!

SEC Ethereum Classification Is In Conflict Amidst Consensys Lawsuit

Japanese Metaplanet Boosts Bitcoin Holdings: Adds 19.87 BTC to Reach $7.4M in Crypto!

Bitcoin’s surge turns out to be short-lived – What to think

Twitter Co-founder Jack Dorsey Forecasts Bitcoin at $1 Million by 2030

Is BlockDAG Poised to Dominate the Sub-Dollar Crypto Market? A Comparison with Ripple and Cardano...

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!