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- Higher longs worth $67.11K were liquidated in the Injective token in the last 24 hours.
- The annual inflation rate of the INJ token was high, resulting in 11.52%.
In the last 1 year, the Injective token outperformed 77% of the top 100 crypto assets. This was followed by an increase of 150% in price in the last 1 year.
In the last 30 days, the token price has been traded in green for only 10 days, and the price sentiment was neutral at press time. The Injective token price was highly volatile, resulting in a volatility of 16.50%.
The token’s market cap traded flat over the last 24 hours, resulting in a slight decline of 0.05%. Despite this, the token’s market cap value was $1.818B, the 45th largest cryptocurrency in the global crypto market.
Despite the flat change in market cap, the token’s traded volume value declined by 20% in the previous 24 hours. This resulted in a volume/market cap ratio of 3.31%, which showed lower liquidity in the token.
Financial Data Overview Of Injective Token
Injective had 43.4K holders at press time; the top 10 holders held 87.32% of the total supply. This showed the dominance of large holders in the token’s price.
At the time of writing, 29% of the token’s holders were in profit while 65% belonged to the out of the money. Also, 23% of the token’s total holders have held it for more than 1 year.
The Total Value Locked for the token further revolved around $47M, and the stablecoins market cap was worth $11.06. Additionally, the token fees advanced by 20.2% in the last 1 month, resulting in $260.06K.
INJ Token Technical Analysis
The INJ token price followed a strong downtrend, which was followed by the formation of a lower-low swing on the chart. Also, a falling wedge pattern was formed on the token’s daily chart, and the token’s price was traded inside the same.
At press time, the INJ token price was rejected from the lower levels after hitting the lower band of the falling wedge. It started to advance to higher levels.
Despite the recent rise in the price, it needs to break above the falling wedge pattern. It must also be sustained above the same level with strong volume and momentum.
The following behavior regarding the price might lead to a trend of reversal to bullish. This might invite a further rise in INJ token price.
Injective Token Technical Indicator Analysis
The INJ token price had declined below the Supertrend Average True Range Level, which exhibited a bearish trend in price. Supporting this, the 50-day and the 200-day EMAs traded in a death cross, and the price declined below the same.
INJ/USD Chart by TradingView
The MACD and the signal line traded in a negative trajectory but formed a bullish crossover. This exhibited uncertainty in the token price.
The RSI also was advancing from the oversold zone and broke out above the 14-day SMA. Despite this, it followed a bearish cycle, which might lead to uncertain price action.
The INJ token price might take support at $13.80 and $16.90, followed by the resistance of $33.30 and $41.50.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
