Well, folks, Injective (INJ) is having a *stellar* year—if by “stellar” you mean “falling faster than a lead balloon in a hurricane.” 🎈💨 Despite a parade of fancy announcements and initiatives, the price has decided to take a nosedive into the oversold zone. Sure, there might be a short-term bounce, but let’s be real—this market is as bearish as a grizzly with a hangover. 🐻
Let’s recap Injective’s “greatest hits” of 2025 so far: On January 29, they announced native Ethereum Virtual Machine support. Big whoop. 🥱 Then, on January 30, they launched an AI Index, because apparently, combining AI tokens and traditional equities is the future. (Spoiler: It’s not.) 🤖💼
In mid-February, they rolled out the TradFi Stocks index, which tracks companies like Amazon and Apple. Because nothing says “cutting-edge blockchain” like tracking stocks you can already buy on Robinhood. 📈🍎
Then, in late February, Deutsche Telekom joined as a validator. And guess what? Google followed suit in March. 🎉 But here’s the kicker: even with Google on board, the price is still tanking. I guess even the tech giant can’t save this sinking ship. 🚢💥
Now, let’s talk about the price action. It’s been on a downtrend since late December, and the 20-day EMA crossed below the 50-day SMA like a bad omen. There was a brief glimmer of hope in January, but it fizzled out faster than a New Year’s resolution. 🎆
Most recently, the price broke through the $8.10–$8.50 support zone, which had been holding for about a month. Now it’s trading at $6.93, down 15% in the past 24 hours. Ouch. 💔 The RSI is in the deep oversold zone at 26.41, and the MACD is bearish, with red histogram bars screaming “SELL!” 📉🔴
Sure, the oversold RSI and MACD might hint at a short-term bounce, but let’s not get too excited. The overall structure is still as bearish as a Wall Street banker in a bear market. 🐻💼 With the $8.10–$8.50 support zone breached, the next stop is the $5.50 region—a level last tested in May-June 2023. If the bearish momentum continues, we might as well start calling it the “Injective Abyss.” 🕳️
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2025-04-07 14:24