Injective (INJ)’s all-time high price is $53, and recent market volatility has brought tremendous selling pressure on INJ.
The latest decline in the past 12 hours has seen INJ fall below the $23.91 support level.
Price rejection at $52 triggers selling wave
INJ’s strong bullish move from the $14 support level encountered a major obstacle at the $52 resistance level in March. Since then, INJ has been under sustained selling pressure, breaking through multiple support levels.
Due to the huge selling pressure, this is indicated by the relative strength index (RSI) moving towards the neutral 50. This puts INJ in a bearish trend on both the daily timeframe and lower timeframes.
The exhaustion of underlying pressure coupled with the bearish trend provides new opportunities for enthusiasts to ride the selling wave.
This could invalidate the bearish trade setup if the $23.91 support level is recovered within the next 48 hours. Therefore, enthusiasts should actively track the market sentiment as changes in market dynamics can lead to a swift price reversal.
The Single-Shot Ecosystem Continues to Expand
Injective recently partnered with Arbitrum to launch the interoperable EVM (inEVM) infrastructure.
In a May 8 blog post, Injective described the integration as “carefully designed to meet the unique needs of Injective and the broader Ethereum ecosystem.” Working with Arbitrum brings a fully customized interoperability rollup across Cosmos and Ethereum, enabling a broader developer toolkit for inEVM users.
(Personal opinion, not a recommendation)
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