Safe

Injective

Resistance

Time

<ul class="list-ic vertical">
 <li><span>1</span> <a>Injective price trades are on a bearish trajectory and corrected over 20% last month.</a></li>
 <li><span>2</span> <a>Buyers have lost their momentum and stayed on the backfoot.</a></li>
</ul>
<p>The Injective Protocol (INJ), a blockchain tailored for finance, saw a follow-on decline and slipped below the key moving averages. The token highlighted a severe fall of over 50% in the last 45 sessions and dragged below the support mark of $30.</p>
<p>The Injective token is trading in a downtrend and faced rejection from the 200-day EMA, replicating the seller dominance. The token remained under pressure for the past weeks and persisted in eroding gains.</p>
<p>A range breakdown was recently glimpsed, and fresh selloff activity was noted. However, the token looks oversold, and a short-term bounce may be seen.</p>
<p>At press time, the Injective token (INJ) price traded at $23.02 with an intraday drop of 1.02%, reflecting follow-on selling pressure on the charts. It has a monthly return ratio of -29.10% and 190% yearly.&nbsp;</p>
<p>The pair of INJ/BTC is at 0.000390 BTC, and the market cap is $2.08 Billion. Analysts are neutral and suggest that the INJ crypto may register a short-term bounce and will soon retest the $30 mark.</p>
<h2 class="wp-block-heading" id="strong-injective-inj-price-action-navigating-market-dynamics-strong"><strong>Injective (INJ) Price Action: Navigating Market Dynamics</strong></h2>
<p>Since the beginning of 2024, the INJ token price has traded sideways, and range-bound movements were spotted on the charts. Followed by the market selloff, the token has registered a range breakdown and breached the 200-day EMA mark.</p> <iframe loading="lazy" title="Santiment Chart: Price (INJ), Volume (INJ)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=avalanche&amp;pt=AVAX&amp;df=2023-11-03T18%3A29%3A59.188Z&amp;dt=2024-05-03T18%3A29%3A59.188Z&amp;sat=shchcfg_zVchuyKtbUFi&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>The token depicts a lower low structure and is traded inside a falling channel, and buyers have failed to sustain the 200-day EMA mark and faced rejection.&nbsp;</p>
<p>However, current market sentiment is bearish, and the buyers need adequate momentum to initiate a potential bull run. Per the analysis of technical indicators, 14 indicators have given a sell rating, 9 have given a neutral call, and 3 have given a buy call.</p>
<p>The RSI curve stayed in the oversold region, and a negative crossover was noted on the charts. Additionally, the MACD indicator showed a bearish crossover and formed red bars on the histogram.</p>
<h3 class="wp-block-heading" id="strong-injective-daily-transaction-skyrocketed-above-2-4-million-what-does-it-mean-strong"><strong>Injective Daily Transaction Skyrocketed Above 2.4 Million, What Does It Mean?</strong></h3>
<p>Per the data provided by Artemis on the X platform,<a href="https://www.thecoinrepublic.com/2024/02/16/injective-kelexo-presale-takes-off-with-20x-rumors/" target="_blank" rel="noopener noreferrer nofollow"> Injective (INJ)</a> has noted an ATH (All Time High) in the daily transaction activity.&nbsp; In the intraday session, the daily transaction value rose to 2.4 million, signifying an increase in the investor’s activity.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Injective just hit a new ATH: 2.4M daily transactions <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Subsecond block execution times with the lowest transaction costs in the history of crypto.<br><br>Data powered by <a href="https://twitter.com/artemis__xyz?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@artemis__xyz</a> <a href="https://t.co/qKtD1VBDcZ" rel="noopener noreferrer nofollow">pic.twitter.com/qKtD1VBDcZ</a></p>— Injective <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f977.png" alt="🥷" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@injective) <a href="https://twitter.com/injective/status/1786144344367366223?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 2, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: Twitter</p>
<p>However, investors are in a dilemma and still need to be more confident about making fresh positions. A break and close above $30 only mean fresh buying momentum. Otherwise, the selling pressure will remain intact.</p>
<h4 class="wp-block-heading"><strong>What Does Development Activity and Open Interest Data Suggest?</strong></h4>
<p>Per the Santiment data, the development activity data witnessed a notable decline and reflected an intraday drop of over 3.28% to 306.&nbsp;</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (ICP), Total Open Interest in USD (ICP)" width="1170" height="400" src="https://embed.santiment.net/chart?ps=render&amp;pt=RNDR&amp;df=2023-11-03T18%3A29%3A59.188Z&amp;dt=2024-05-03T18%3A29%3A59.188Z&amp;sat=shchcfg_7-93J0jJaKJ5&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Binternet-computer%3BICP%5D%3B%5B1%3Btotal_open_interest%3Binternet-computer%3BICP%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%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>However, the derivative data signifies short buildup activity, and the open interest value spiked over 1.90% to $40.04 Million, highlighting the selling pressure.</p>
<p>Injective’s market capitalization has dropped by 3.32%, reaching $2.08 billion and ranking it 50 in market cap listings. The 24-hour trading volume for INJ has also declined by over 25.22%, decreasing to $79.33 million.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>The Injective Protocol (INJ) looks bearish on the chats and has underperformed in the past weeks. However, the token has corrected and dragged to the demand zone, possibly leading to a short-term rebound.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $20 and $18</p>
<p><strong>Resistance Levels:</strong> $26 and $30</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>

Injective Price Prediction: Is INJ a Safe Buy Now After 20% Fall?

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