Injective, a Layer 1 blockchain, has remained in a narrow trading range for the past month, reflecting a bearish sentiment. The INJ price has entered a consolidation phase, signalling a lack of investor interest. This trend coincides with a broader market downturn as the crypto community anticipates the upcoming Altaris upgrade.
INJ Price Volatility Amid the Upcoming Upgrade
This week, on August 9th, the Injective community celebrated a milestone by implementing the Altaris Mainnet Upgrade. This significant update propels the blockchain into a new era of efficiency and accessibility, offering a suite of improvements across the board.
The upgrade ushers in the advanced Real World Asset (RWA) Oracle, which aims to bridge the gap between digital and physical assets. This enhancement is a game-changer for traders interested in diverse markets. In tandem, the platform has refined its tokenized offerings, promising a more robust framework for future assets.
Over the past 24 hours, the Layer 1 currency has witnessed a notable price drop. As of reporting time, the Injective price hovered at $14.06, marking a 23.62% decrease. This recent change reflects a volatile day for the cryptocurrency, which saw prices ranging from a low of $13.72 to a high of $18.58.
The INJ price support level is $14. If bearish sentiment continues, the price could fall to $13.50. Further declines could see the altcoin drop to $10. A sustained bearish outlook could pressure the Injective further, potentially testing lower support levels.
The technical indicators for Injective suggest a potential downtrend. The Relative Strength Index (RSI) is below the 20 mark of 18. This indicates that INJ is in an oversold territory, which could suggest a continuation of the downtrend in the market.
Additionally, the Awesome Oscillator (AO) currently shows a value of -4.32, with the bars transitioning from green to red. This change signals a decrease in momentum and a strengthening bearish trend in the near term.
Dip In TVL Fuels Bearish Sentiment
According to Defilema data, a decrease in the Injective Protocol’s Total Value Locked (TVL) has been observed, reaching $28.59 million. This fuels a bearish trend in the market, reflecting cautious investor sentiment and potential volatility in the short-term
However, if bulls make a comeback, the INJ price could rise to $15 or even $16. A positive shift in market sentiment, combined with solid trading volumes, might support this upward movement. Following the Altaris mainnet upgrade, the price might reach $18, driven by renewed investor confidence and increased network capabilities.
The post INJ Price Forecast: Can Altaris Upgrade Stop Injective Protocol’s Decline to $10? appeared first on CoinGape.
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