Token

Value

Injective

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/injective-token-faces-pressure" data-wpel-link="internal">Injective Token Faces Pressure</a><br></p>
<p style="text-align: justify">Injective’s native token, INJ, has experienced a significant decline of 18.77% over the past five days. Some investors are contemplating buying the dip, but on-chain data indicates that INJ might face further losses depending on <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">market conditions</a>. The Market Value to Realized Value (MVRV) ratio, a critical metric for assessing investor sentiment, currently sits at 15.35%. This low ratio suggests that investors may be less inclined to sell at this time.</p> 
<h2 id="analyzing-mvrv-indicator">Analyzing MVRV Indicator</h2> 
<p style="text-align: justify">The MVRV ratio is vital for understanding investor behavior. As of now, the 30-day MVRV ratio for INJ stands at 15.35%, indicating low profitability for investors. This is somewhat higher than the ratio on July 23, implying a reduction in unrealized losses for some.</p> 
<p style="text-align: justify">Despite a strong year-to-date performance, some investors might be exiting the cryptocurrency, potentially triggering a sell-off. This could exert additional downward pressure on INJ’s price, as reflected in the on-chain market depth metrics from 20 exchanges.</p> 
<h2 id="will-inj-see-a-rebound">Will INJ See a Rebound?</h2> 
<p style="text-align: justify">Currently, INJ is 54.25% below its all-time high. The daily chart shows a descending channel between June 13 and July, which is typically bearish. However, INJ broke this pattern, peaking at $28.12 before the RSI value started to drop again.</p> 
<p style="text-align: justify">If INJ’s price declines, the critical support level to watch is $20.22. A failure to maintain this could see INJ falling to $18.19. Conversely, a potential rise in <a href="https://en.bitcoinhaber.net/anticipating-bitcoins-halving-event-strategic-insights-for-crypto-investors" data-wpel-link="internal">Bitcoin</a>‘s price might boost INJ, given their strong correlation.</p> 
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2> 
<ul> 
 <li>The 30-day MVRV ratio suggests low profitability, impacting selling decisions.</li> 
 <li>Market depth analysis indicates potential for further price declines.</li> 
 <li>Critical support levels are $20.22 and $18.19.</li> 
 <li>A rise in Bitcoin could positively influence INJ’s price.</li> 
</ul> 
<p style="text-align: justify">In conclusion, while INJ shows signs of potential <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">future</a> declines, key indicators and market conditions will play a crucial role in determining its trajectory. Investors should closely monitor critical support levels and Bitcoin’s performance for any signs of a rebound.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/injective-token-faces-pressure" data-wpel-link="internal">Injective Token Faces Pressure</a></h5>

Injective Token Faces Pressure

目錄

BH NEWS

在 2024年7月25日發表的其他文章

MASAK Updates Reporting Standards

Kamala Harris Seeks Crypto Advice From Mark Cuban: What Could This Mean For Digital Assets?

21 Shares CEO Speaks About XRP ETFs! Explained Why They Preferred Solana!

Dogecoin (DOGE) Price Poised For 10x Rally in Next 2-3 Weeks

Coinbase Demands SEC Release Gary Gensler’s Private Emails in New Court Motion

Ethereum Price Plunges 8% As ETH ETF Outflows Hit $113M, Led By Grayscale, And Investors Flock To...

訂閱免費電子報，每天收取加密貨幣最新動態！