- The INJ price remains stagnant amid the crypto market’s anticipation of the Altaris Mainnet Upgrade, which has resulted in cautious investor sentiment.
- The current INJ price is $14.06, showing a significant 23.62% drop, indicative of market volatility.
- Bearish sentiment and cautious investment attitudes are further highlighted by the drop in Injective’s Total Value Locked (TVL) to $28.59 million.
Altaris Upgrade’s Anticipation Influences INJ Price Stagnation and Investor Caution
INJ Price Fluctuations amid Altaris Mainnet Upgrade
The INJ price has experienced considerable fluctuation ahead of the Altaris Mainnet Upgrade. The Layer-1 blockchain, Injective, has witnessed a trading consolidation, reflecting a bearish outlook. This trend aligns with the broader market’s downturn as the crypto community eagerly awaits the upgrade.
The Impact of Altaris Mainnet Upgrade on Injective
On August 9th, the Injective community marked a significant achievement with the implementation of the Altaris Mainnet Upgrade. This upgrade is expected to enhance the blockchain’s efficiency and user-friendliness, introducing sophisticated features such as the Real World Asset (RWA) Oracle, which aims to integrate digital and physical assets. Additionally, improved tokenization frameworks promise a stronger basis for future assets.
Recent Price Performance and Technical Analysis
Over the past 24 hours, Injective’s price saw a marked decrease, hovering around $14.06, down 23.62%. This drop accentuates recent volatility, with prices fluctuating from $13.72 to $18.58. The support level for INJ stands at $14, but continued bearish sentiment could drive the price to $13.50 or even lower to $10.
Key Technical Indicators Signal Ongoing Downtrend
The technical indicators for Injective highlight a potential continued downturn. The Relative Strength Index (RSI) is notably low at 18, placing INJ in oversold territory. The Awesome Oscillator (AO) is also displaying a negative value of -4.32 and transitioning bars from green to red, indicating decreasing momentum and a strengthening bearish trend in the short term.
Impact of TVL Decline on Market Sentiment
According to DefiLlama data, Injective Protocol’s Total Value Locked (TVL) has decreased to $28.59 million, contributing to the bearish market sentiment. This reduction in TVL mirrors cautious investor attitudes and potential short-term volatility.
Potential Upside for INJ Price
Despite the current bearish outlook, there is potential for a price rebound. If market sentiment shifts positively and trading volumes rise, INJ could recover to $15 or $16. The successful Altaris Mainnet Upgrade might increase investor confidence and push the price up to $18, underpinned by enhanced network capabilities.
Conclusion
In summary, the INJ price reflects a period of high volatility and bearish sentiment as the market anticipates the Altaris Mainnet Upgrade. Key technical indicators suggest a continued downtrend, but there is potential for a rebound if investor confidence is restored post-upgrade. The drop in TVL further emphasizes cautious sentiment, yet the advanced features from the upgrade may offer a promising outlook for the future.
