Injective (INJ) Down 20% As Market Retracement Forces Sell-Off

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	338,191,693,264	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

338,191,693,264

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	87.13	3.20%	2,810.65	2,810.64	2,810.65

Price Change

Price Change %

Current Price

Bid Price

Offer

87.13

3.20%

2,810.65

2,810.64

2,810.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2,881.50	2,701.52	2,718.58	2,723.51	1,850.55 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2,881.50

2,701.52

2,718.58

2,723.51

1,850.55 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:21:10	0.086859	2,810.64	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:21:10

0.086859

2,810.64

USD

Price x Volume	Volume	Base Symbol	Related Pairs
314,177,277.72	111,405.13	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

314,177,277.72

111,405.13

Injective (INJ) Down 20% As Market Retracement Forces Sell-Off

05/10/2024 4:30am

NEWSBTC

As the market buckles under the weight of the bearish sentiment, the altcoin market is continually being pulled further down forcing losses to altcoin holders. Injective is one of those altcoins facing massive losses with the token’s price slashed by 20% since last week, representing a strong bearish sentiment in INJ’s market. Related Reading: What’s Holding Bitcoin Back? Analyst Says $71,000 Is The Magic Number Despite the market’s underperformance, the platform continues to cement itself as a premier Layer 1. Although the losses for investors and traders are painful, continued developments like these will stabilize the shaken investor confidence in both Injective and the token. Network Metrics Show Stable Growth October started wonderfully for Injective as the platform announced that the network had processed a whopping 1 billion total transactions. This metric shows that the network can cater to a growing number of users which also grew in conjunction with the transactions. 1 BILLION TOTAL TRANSACTIONS ON INJECTIVE 🚀 This is just the beginning. Nothing can stop the rise of ninjas. pic.twitter.com/iwUX4uEmzE — Injective 🥷 (@injective) October 2, 2024 Injective Hub, an X account dedicated to showing the latest developments on the platform, recently shared that Injective experienced a huge growth spurt in active addresses. According to the post, the platform encountered an astonishing 126% average active address growth, ranking Injective to be top 1 in the metric outpacing the likes of Sei, Ethereum, Base, and Solana. Top Blockchains by Average Active Addresses Growth (7D) No need for words, just don’t fade this, nINJas! 🚀#Injective $INJ pic.twitter.com/rAITgiAkTU — INJ Hub 🥷 (@Injective_Hub) October 3, 2024 This month, investors and traders should expect more users in the coming weeks as Injective enters into a partnership with Caldera, an Ethereum roll-up platform, becoming a part of Metalayer. This interoperability layer enables omnichain operability for users of the platform. This will enable a new generation of interoperability for the participating blockchains and Injective, introducing the platform to new users on Metalayer. Injective Poised For Higher Levels As of writing, INJ is trading on a green candle as the bulls attempt to break through the $19.94 resistance level in the short term which might be the sign investors and traders are waiting for in the coming days. The relative strength index also suggests this thesis. Right now, the token is entering a possible reversal area that will affect the growing bullish momentum. The past few days have been bloody for INJ, but the market’s strength coupled with strong on-chain development will affect the token’s price positively in the coming weeks. Related Reading: Is Crypto Losing Steam? Bitcoin And Ethereum Addresses Shrink In 2024 INJ’s significant correlation with Bitcoin and the broader market will also play a big role on the token’s future performance. If the major cryptocurrencies continue to slip in the coming days, investors and traders should expect INJ to experience a drop towards $17.71. However, a return to bullishness in the next couple of days will drive the token to stabilize on its current support at level at $18.57. Featured image from Medium, chart from TradingView

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