Injective’s Price Struggles Despite Significant Developments
despite launching several major initiatives this year, Injective’s price has continued to decline, now in a deep oversold zone. This could hint at a short-term price bounce, but teh overall market sentiment remains bearish.
Injective (INJ) has made notable announcements in 2023.On January 29, Injective Labs revealed plans to support Ethereum Virtual Machine on its Layer 1 blockchain. A day later, they introduced an AI Index, combining top AI tokens and traditional stocks like TAO and NVDA into one on-chain asset.
In mid-February, Injective launched a TradFi Stocks index, tracking giants like Amazon and Apple. By late March, both Deutsche Telekom and Google joined as validators, boosting Injective’s credibility.
Despite these advancements, INJ’s price has been on a downward trend since late December. A brief bullish attempt in January didn’t last. The price recently broke below the $8.10–$8.50 support zone and now trades at $6.93,down 15% in 24 hours.
The Relative Strength Index is at 26.41, indicating an oversold market. The MACD shows bearish momentum, but the lines are converging, suggesting weakening bearish pressure. While short-term relief is possible, the overall structure remains bearish. The next key support is around $5.50, a level tested in May-June 2023.
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