{"id":606517,"date":"2024-05-04T11:30:59","date_gmt":"2024-05-04T11:30:59","guid":{"rendered":"https:\/\/wncen.com\/?p=606517"},"modified":"2024-06-12T09:32:04","modified_gmt":"2024-06-12T09:32:04","slug":"injective-inj-price-in-danger-if-it-falls-to-crucial-support-level-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/injective-inj-price-in-danger-if-it-falls-to-crucial-support-level-analyst\/","title":{"rendered":"Injective (INJ) Price In Danger If It Falls To Crucial Support Level: Analyst"},"content":{"rendered":"
INJ, the native token of the Injective Network, commenced May with a fluctuating price action marked by a series of significant losses and gains. As INJ attempts to establish a stable price trajectory, popular market analyst with X handle Crypto Tony has highlighted a pivotal support zone for the altcoin in the coming weeks.\u00a0<\/span><\/p>\n In an X post<\/a> on Friday, Crypto Tony shared a vital insight on the INJ market which could create a sentiment of caution among many traders. The renowned analyst stated that INJ must maintain a market price above the $19.30 price zone, warning that a dip below this support level could spell danger for investors.<\/span><\/p>\n While Crypto Tony did not say the extent of this danger, the possible loss seems to be likely massive as his statements implied the INJ bull traders could struggle to re-establish market control should the token\u2019s price fall below the specified threshold.\u00a0<\/span>Furthermore, the analyst stated that early investors of INJ including himself would be immune to this potential downside. However, he still plans to pull out of the Injective market should the token lose its $19.30 support zone.<\/span><\/p>\n Currently, INJ trades<\/a> around $24.70 reflecting a gain of 4.68% in the last day after a period of intense market volatility. The altcoin appears to be gathering momentum for a bullish trend following negative performances in recent weeks resulting in a decline of 24.07% in the last 30 days.\u00a0<\/span><\/p>\n With respect to a highly anticipated crypto bull run, INJ, which gained by over 3,000% in 2023, has been marked by several analysts as one potentially favorable altcoin for investment in the coming weeks.<\/span><\/p>\n Interestingly, these sentiments have been bolstered in recent weeks by a series of positive developments on the Injective network. For instance, Injective recorded<\/a> 2.4 million transactions in a single day marking a new milestone in daily transactions for the Layer 1 network.\u00a0<\/span><\/p>\n In particular, the Injective 3.0 network upgrade has also been recently approved which is expected<\/a> to tackle the inflationary problems of the INJ by decreasing the token\u2019s minimum and maximum creation rate by 25% and 30%, respectively over the next two years on a uniform quarterly basis.\u00a0<\/span><\/p>\n Through these deflationary measures, it is expected that INJ would experience an increased scarcity which could, in turn, drive up the altcoin\u2019s market value, thus contributing to a positive performance in the expected crypto bull run. <\/span>However, investors are reminded that all cryptocurrencies are subject to varying levels of market volatility and are admonished to trade with all necessary caution.<\/span><\/p>\n INJ, the native token of the Injective Network, commenced May with a fluctuating price action marked by a series of significant losses and gains. As INJ attempts to establish a stable price trajectory, popular market analyst with X handle Crypto Tony has highlighted a pivotal support zone for the altcoin in the coming weeks.\u00a0 Related Reading: Buckle Up, Injective (INJ) Primed For Takeoff Towards $50 \u2014 Analyst INJ Must Not Fall Below $19.30 Level, Analyst Warns In an X post on Friday, Crypto Tony shared a vital insight on the INJ market which could create a sentiment of caution among many traders. The renowned analyst stated that INJ must maintain a market price above the $19.30 price zone, warning that a dip below this support level could spell danger for investors. While Crypto Tony did not say the extent of this danger, the possible loss seems to be likely massive as his statements implied the INJ bull traders could struggle to re-establish market control should the token\u2019s price fall below the specified threshold.\u00a0Furthermore, the analyst stated that early investors of INJ including himself would be immune to this potential downside. However, he still plans to pull out of the Injective market should the token lose its $19.30 support zone. Currently, INJ trades around $24.70 reflecting a gain of 4.68% in the last day after a period of intense market volatility. The altcoin appears to be gathering momentum for a bullish trend following negative performances in recent weeks resulting in a decline of 24.07% in the last 30 days.\u00a0 Related Reading: XRP Forms On-Chain Signal That Led To 16% Crash Last Time What’s Next For Injective?\u00a0 With respect to a highly anticipated crypto bull run, INJ, which gained by over 3,000% in 2023, has been marked by several analysts as one potentially favorable altcoin for investment in the coming weeks. Interestingly, these sentiments have been bolstered in recent weeks by a series of positive developments on the Injective network. For instance, Injective recorded 2.4 million transactions in a single day marking a new milestone in daily transactions for the Layer 1 network.\u00a0 In particular, the Injective 3.0 network upgrade has also been recently approved which is expected to tackle the inflationary problems of the INJ by decreasing the token\u2019s minimum and maximum creation rate by 25% and 30%, respectively over the next two years on a uniform quarterly basis.\u00a0 Through these deflationary measures, it is expected that INJ would experience an increased scarcity which could, in turn, drive up the altcoin\u2019s market value, thus contributing to a positive performance in the expected crypto bull run. However, investors are reminded that all cryptocurrencies are subject to varying levels of market volatility and are admonished to trade with all necessary caution. INJ trading at $24.66 on the daily chart | Source: INJUSDT chart on Tradingview.com Featured image from iStockphoto, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":606519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3,91071],"tags":[92223,83630,88126,88111,86854,85264,88182],"class_list":["post-606517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","category-injective","tag-crypto-tony","tag-inj","tag-injective","tag-injusd","tag-injusdt","tag-price-fall","tag-support-level"],"acf":[],"yoast_head":"\nINJ Must Not Fall Below $19.30 Level, Analyst Warns<\/span><\/h2>\n
What’s Next For Injective?\u00a0<\/span><\/h2>\n
\r\n\r\nINJ trading at $24.66 on the daily chart | Source: INJUSDT chart on Tradingview.com<\/a>\r\n<\/span><\/pre>\n