Injective (INJ) crypto price has been in a downtrend ever since the June bullish rally was halted near the $9.50 level. The cryptocurrency price consolidated near $9.50 for a couple of days and then finally broke the zone to head downward.
Recently, the asset price formed support near $7 and commenced a bullish rally in hopes of retesting $9.50 but the move was halted as soon as the price reached near $8. The price retraced back and hovered in the range of $6.88 and $8.
Currently, the price broke the support level of $6.88 and is trying to retest it which can either lead to further downfall or it might re-enter the previous zone.
If bears can push the price below $6.70, the price might melt down toward the next support level of $5.94.On the other hand, if INJ price re-enters the consolidation zone, it might retest the $8 level.
Injective is Now Integrated With Klaytn
Injective, a high-performance L1 built for finance, has integrated with Klaytn. The native assets from Injective as well as Klaytn will now be transferable and usable across DApps on either network – starting with INJ on Klayswap and Klay on Astroport.
Klay is now available for the first time on blockchain communication with the help of Injective, opening a whole new world of possibilities. This creates more use cases and liquidity for both networks.
The collaboration and integration of Injective and Klaytn serve as an example of how blockchain networks can work together to unlock new opportunities for DApp builders on both ecosystems and increase the adoption of decentralized technologies.
Will INJ Price Continue Falling?
The cryptocurrency price has melted below 20, 50, and 100-day exponential moving averages, indicating a rise in bearish momentum. INJ price might try to bounce back after touching the 200-day EMA.
Chaikin money flow score has been hovering below the 0 mark since 19 August 2023 and currently trades at -0.06, indicating weakness in the market. The relative strength index trades at 38.73, nearing the oversold zone, indicating bearish momentum in the price.
The long-short ratio is 1.08 with 52.03% longs and 47.97% shorts, indicating a higher position from the selling side in the last 24 hours.
Conclusion
The overall market structure and price action of Injective coin is bearish. Some of the major technical indicators are favoring the selling side in the long-term view. Traders should wait for a candle to close below $6.70 before looking into the selling opportunities.
Technical Levels
- Major support: $6.70 and $5.94
- Major resistance: $8 and $8.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/06/injective-price-prediction-will-inj-price-witness-further-drop/