INJ Price Action Hints a Bearish Stance, But Social Metrics Plot a Surprising Uptick

Injective price continued to hover in a closed range and was traded under bearish influence. Amidst the upcoming Altaris upgrade, negative sentiment remained on the chart.

Injective's price has been consolidating within a narrow range, with a bearish bias evident from the price action.

The token’s price has been facing selling pressure at the $30 level, with multiple attempts by buyers to breach this resistance failing to materialize. This has resulted in the formation of multiple tops around the $30 zone.

The subsequent selloff, coupled with high volume, indicates that sellers have been aggressively defending this level and are unlikely to cede ground easily.

Once the immediate support of $20 gives way, an extended bearish leg could unfold, targeting the $15 level.

However, a pivot at $20 could lead to a bullish scenario, with a recovery in sight.

According to MarcoPolo's tweet, Injective's upcoming upgrade could bolster buying pressure.

I choose only winners, thats why $INJ is big part of my portfolio! ?

Altaris upgrade is big step forward, enhancing scalability, smart contract capabilities, and interoperability.

These advancements position @injective as a leader in the industry.

Transformative…

INJ may see a recovery.

btcpayserver / status

…

pic.twitter.com/Lxo9l3ZrHU

Meanwhile, the RSI curve has been rapidly declining, dragging the indicator into the oversold territory, and a negative divergence is charting on the technicals.

The MFI indicator, on the other hand, is indicating a negative money flow, which is in line with the sellers’ control.

Social Metrics Display a Positive Shift

In stark contrast to the price decline, the weighted sentiment has shown a significant increase.

This metric has surged by over 5% and moved into the positive territory, as of press time, and is placed at the 0.317 mark. This positive shift could be attributed to the upcoming upgrade, which is likely to impact the token's price.

Surprisingly, the social dominance data has seen a massive spike, rising by over 35% and reaching 0.439%. This indicates an increasing chatter among investors on social media platforms regarding Injective's upcoming upgrade.

Total Liquidations Data Provides Insights

At the time of writing, the short liquidations were noted at $543.39, while the long liquidations were at $60.51K.

This strategic shift showed that sellers have continued to outpace the bulls' army this week.

The Open Interest (OI) shed over 8.23% and reached $91.39 Million, indicating long unwinding activity in the past 24 hours.

If the Injective token's price fails to secure the $20 mark, it could retest the $18 mark and then the $15 mark.

On the other hand, if the token's price gains a pullback, it may recuperate toward the resistance mark of $25, followed by $28 ahead.

Injective's token price has been hovering within a closed range, and unclear price moves have been observed.

Until the upside of $30 and downside of $20 are not breached, the token can continue to hover in the consolidation zone.

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