Injective (INJ) Stagnates Ahead of Upcoming Network Upgrade
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Layer 1 blockchain Injective (INJ) will launch its Altaris mainnet upgrade in less than 24 hours, aiming to enhance the network’s efficiency and user experience. However, the market response is lukewarm, with INJ’s price dropping by 6% in the past 24 hours despite a 3% increase in trading volume.
The price-volume divergence indicates rising selling pressure and a bearish trend, as confirmed by INJ’s weighted sentiment turning negative at -0.58. This sentiment metric considers market mood and social media discussions, further pointing to the asset's declining price potential.
Analysts note that INJ’s price trading below its 20-day exponential moving average (EMA) suggests a short-term bearish trend. If current bearish momentum continues, INJ could drop to $16.83, a level last approached in December 2023. Conversely, if post-upgrade sentiment becomes bullish, the price could rise to $25.35.
Kaynak: beincrypto.com ↗
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