Key Takeaways
Injective’s (INJ) price fell nearly 5 percent in the past 24 hours to $3.40, extending recent losses after a rally to the $4.00 mark was cut short by profit-taking and a wider market downturn.
The decline followed a wave of liquidations across the market, with Coinglass data showing more than $560 million in leveraged positions wiped out. Long positions accounted for the majority of the pain, at $368 million, affecting over 120,000 traders as Bitcoin’s drop cascaded into altcoins.
The token’s slide came shortly after the Injective Protocol activated its IIP-632 mainnet upgrade. While the upgrade is designed to improve network efficiency and expand token buyback programs, initial optimism faded in a classic “sell the news” scenario. Macroeconomic pressures also weighed on risk assets after the Federal Reserve maintained interest rates, and geopolitical concerns pushed Bitcoin lower to around $76,075.
From a technical standpoint, Injective’s short-term outlook appears bearish. The Relative Strength Index (RSI) has dipped to 57, and the Moving Average Convergence Divergence (MACD) indicator is showing a bearish crossover. The token is currently testing the $3.40 support zone. A failure to hold this level could see prices test the 50-day exponential moving average at $3.25. A decisive break below that could accelerate declines toward the primary demand area of $2.75, which marks the lows from March.
This article is for informational purposes only and does not constitute investment advice.
