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Injective price continued to hover in a closed range and was traded under bearish influence. Amidst the upcoming Altaris upgrade, negative sentiment remained on the chart.
For over three months, the Injective token price stagnated in a consolidation phase and displayed low ’investor interest.
The increased volume and consistent declining price showed that the selling pressure was at its peak. The same showed a bearish trend was on the horizon. The price range’s crucial neckline of $20 seemed secured. Bulls and bears targeted the mark for an extended downfall.
Recently, theINJ token price failed to crack the pivot of $25. In fact a fall noted from there, which led to a follow-up selloff. Noted a drop of over 18%, the token has dragged below the significant moving averages this week.
At press time, the Injective was trading at $20.87 with an intraday drop of 2.73%. Price action displayed bearish swings on the chart. It has a monthly return ratio of -10.82% and 162.30% yearly, reflecting short-term consolidation.
The pair of INJ/BTC was at 0.000326 BTC, and the token was ranked at 47 with a market cap of $2.03 Billion.
Injective’s Supply Increases: Will It Lead to a Selloff?
The ongoing price action of the INJ token projected a bearish stance and conveyed that sellers have grabbed their hard position around the $30 mark. Amidst the multiple attempts, buyers failed to cross the barrier and made multiple tops around it.
The chart displayed a significant setback and selloff. Moreover, the follow-on selloff with an extensive volume signified that sellers had tried to maintain their upper hand and looked confident.
Once the immediate pivot of $20 breaches, an extended bearish leg toward the $15 mark can be seen.
@MarcoPolo, in his tweet, said that INJ may see a recovery, as the upcoming upgrade might fuel the buying pressure.
I choose only winners, thats why $INJ is big part of my portfolio!
— Marco Polo (@MarcoPoloMaps) August 2, 2024
🔵 Altaris upgrade is big step forward, enhancing scalability, smart contract capabilities, and interoperability.
These advancements position @injective as a leader in the industry.
• Transformative… pic.twitter.com/Lxo9l3ZrHU
Notably, the RSI curve showed a steep decline and dragged to the oversold region, plotting a negative divergence on the chart. Similarly, the MFI indicator signified the negative money inflow directed the sellers’ control.
Social Metrics Plotted a Surprising Uptick
Despite the significant price downtick, the weighted sentiment data showed a notable uptick and surged over 5% to the positive region, which was noted at the 0.317 mark. This significant shift signified an upcoming upgrade might impact the token’s price.
Surprisingly, the social dominance data saw a massive spike. It rose over 35% to 0.439%, revealing the beginning of chatter among investors on social media platforms.
Total Liquidations Data Insights
When writing, the short liquidations were noted at $543.39, whereas the long liquidations were $60.51k. This strategic shift showed sellers have continued to outpace the bulls army this week.
The Open Interest (OI) shed over 8.23% to $91.39 Million, signifying long unwinding activity in the past 24 hours.
If the Injective token’s price fails to secure the $20 mark, it could retest the $18 mark and then the $15 mark. On the other hand, if the token’s price gains a pullback, it may recuperate toward the resistance mark of $25, followed by $28 ahead.
The Injective token price hovered in a closed range, and unclear price moves were noted. Until the upside of $30 and downside of $20 do not breach, the token can continue to hover in the consolidation zone.