Injective’s Q1 Boost Fails: Price Plunges, Oversold Territory Looms—What’s Next?

Injective’s Price Struggles Despite Major Initiatives

Injective’s price has been falling despite several big announcements this year. The cryptocurrency is now in a deep oversold zone. This could mean a short-term price rise, but the market still feels bearish.

injective (INJ) has launched many new projects. On January 29, it said it would add Ethereum Virtual Machine support to its Layer 1 blockchain. A day later, it introduced an AI Index.This index combines the top 10 AI tokens and some customary stocks into one asset.In mid-February, it launched a TradFi Stocks index. This tracks large companies like Amazon and Apple. In late February, Deutsche Telekom joined as a validator. Google followed in March. Yet, the price keeps going down.

Injective’s price started falling in late December. It briefly rose in January but then dropped again. The price is now at $6.93, down 15% in 24 hours.The Relative Strength Index is at 26.41, showing it’s oversold. The Moving Average Convergence/Divergence (MACD) shows negative momentum. But the bearish trend may weaken.

Key developments include:

• Native Ethereum virtual Machine support
• AI Index launch

Despite thes efforts, Injective’s price remains low. The next support level is around $5.50. This was tested in May-June 2023.For more details, visit crypto.news.