As a seasoned crypto investor with over five years of experience in the digital asset market, I’ve seen my fair share of price swings and volatility. The recent performance of INJ, the native token of the Injective Network, has piqued my interest due to its erratic price action and the insightful analysis provided by renowned trader Crypto Tony.
The native cryptocurrency of the Injective Network, INJ, experienced volatile price movements in May, featuring both substantial losses and gains. As INJ strives to maintain a consistent pricing trend, noteworthy crypto analyst Crypto Tony with the handle X has pinpointed a crucial support level for this altcoin in the upcoming period.
INJ Must Not Fall Below $19.30 Level, Analyst Warns
As a researcher studying the cryptocurrency market, I came across an intriguing post by Crypto Tony on Friday. He highlighted some crucial information regarding the INJ token that might make traders reconsider their positions. According to him, INJ needs to keep its price above the $19.30 mark to avoid potential risks for investors. A fall below this support level could signal trouble ahead.
Crypto Tony didn’t specify the magnitude of the risk, but his comments suggest that significant losses could result if the INJ token price falls below a certain level. The INJ bull traders might find it challenging to regain control over the market in such a scenario. Interestingly, early investors of INJ, including Crypto Tony himself, would be shielded from this potential downturn. Nevertheless, he intends to exit the Injective market if the token fails to hold its $19.30 support level.
At present, INJ is priced at approximately $24.70, representing a 4.68% increase over the past day. This uptick comes after a stretch of significant market turbulence. Previously, INJ had shown negative trends, leading to a 24.07% drop in value over the last month.
What’s Next For Injective?
Regarding the anticipated cryptocurrency market surge, INJ is one altcoin that has attracted attention after experiencing a remarkable gain of over 3,000% in 2023. Several analysts believe this digital asset could be a promising investment opportunity in the upcoming weeks.
It’s intriguing that the optimistic views towards Injective have gained strength in the past few weeks due to several favorable occurrences on its platform. For example, Injective achieved a significant accomplishment by processing over 2.4 million transactions in a day, which set a new record for daily transactions on this Layer 1 network.
As a crypto investor, I’m excited about the upcoming Injective 3.0 network upgrade that has recently been approved. This upgrade is designed to address the inflationary concerns surrounding the INJ token by gradually decreasing its minimum and maximum creation rates over the next two years. Specifically, the minimum creation rate will be reduced by 25% on a uniform quarterly basis, while the maximum creation rate will see a reduction of 30%. These adjustments should help stabilize the supply of INJ tokens and potentially increase their value in the long term.
Using these deflationary tactics, it’s anticipated that the INJ altcoin will become more scarce, potentially boosting its market worth during the predicted crypto bull market. Yet, investors should exercise caution as all cryptocurrencies carry inherent market volatility risks.
INJUSDT chart on Tradingview.com
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2024-05-04 14:46