Injective price dips deep into oversold zone despite major Q1 updates

Despite a series of major initiatives in the first quarter of this year, Injective has seen its price continue to decrease down, now seated in the deep occurrence area. Although this signals the possibility of a short -term rebound, the global feeling of the market remains down.

This year, injective (INJ) made a series of major announcements and launched several major initiatives.

January 29, injective labs announcement plans to launch the care of the Ethereum native virtual machine on its layer 1 blockchain. On January 30, the project launched an AI index, which combines 10 larger AI tokens as well as traditional actions, including Tao, Fet, NVDA and PLTR, in an asset on a chain.

In mid-February, he too spear Tradfi Stocks Index, which follows some of the world’s largest public shell companies, including Amazon, Apple, Microsoft and Goldman Sachs.

February 27, injective announcement that the German telecommunications company Deutsche Telekom had joined it as a validator. Google has followed suit, membership Injective as a validator at the end of March.

Despite all these developments, Inj Price was on a clear decrease trend, which gained momentum at the end of December from last year, when the 20 -day exponential mobile average crossed the 50 -day single mobile average. A short-lived bullish escape attempt appeared at the beginning and in mid-January, with a price briefly climbing above the 20 EMA and testing almost 50 SMA.

More recently, INJ Price Action broke in the support area from $ 8.10 to $ 8.50, which has been holding for about a month. It is currently negotiated at $ 6.93, down 15% in the last 24 hours.

The relative resistance index also plunged into the deep occurrence area, seated 26.41 at the time of the press.

The mobile convergence / divergence indicator is currently lower, because the MacD line is lower than the signal line with red histogram bars indicating a negative momentum. However, the lines converge, suggesting a lowered pressure.

While the RSI and MacD occurrence suggest the possibility of short -term relief, the overall structure remains firmly down. With the support area of ​​$ 8.10 to $ 8.50 raped, the following key support lies in the region of $ 5.50 – a level that was tested in May -June 2023. If the downward dynamics continue, this area could act as the next support.