#Injective🔥 Price Capped In Range: Can $INJ Bulls Secure $20 Mark?
Injective (INJ) Price Analysis: #BEARISH📉 Trends and Market Sentiment
Injective's (INJ) price has been consolidating within a narrow range, influenced by bearish market conditions. Despite the upcoming Altaris upgrade, sentiment remains negative.
Price Movement:
- INJ has been consolidating for over three months with minimal investor interest.
- The price has dropped over 18% recently, trading below key moving averages at $20.87, reflecting a 2.73% intraday drop.
- Monthly return is -10.82%, but yearly gain is 162.30%.
Current Metrics:
- INJ/BTC Pair: 0.000326 BTC
- Market Rank: 47
- Market Cap: $2.03 billion
Market Dynamics:
- Sellers are firmly positioned around $30, leading to multiple failed peaks and a selloff. If support at $20 breaks, the price could decline to $15.
- RSI indicates oversold conditions, and MFI shows negative money flow.
Social Metrics and Liquidations:
- Social sentiment increased by over 5%, and social dominance rose by over 35%.
- Short liquidations were $543.39, while long liquidations totaled $60.51k. Open Interest decreased by 8.23% to $91.39 million.
Outlook:
- If INJ fails to hold $20, it may drop to $18 or $15. A recovery could push the price towards $25 and potentially $28.
In summary, Injective remains in a consolidation zone between $20 and $30, likely to continue trading within this range until a boundary is breached.
Source - thecoinrepublic.com
