Is Injective on the Verge of a Downturn? INJ Price Dips as Anticipated Meme Coin SPONGE Sets Stage for Launch

Sam Cooling
Last updated: | 3 min read
INJ Price Analysis: As leading AI-powered DEX Injective Protocol takes localized tumble move, is Injective on the verge of a downturn?

The leading AI-powered DEX project, Injective Protocol, has seen resistance trigger a downtick in price.

This article will provide an analysis of INJ’s current price trends and look to see whether a newer meme coin, SPONGE, represents a more promising investment opportunity at this time.

Injective Protocol has been attempting to push up out of consolidation amongst bullish strengthening of network security, which now sees a majority of INJ tokens staked for an alluring 14.7% APR.

INJ Price Analysis: As Injective Protocol Takes Local Tumble – Is Injective on the Verge of a Downturn?

As price action continues to pressure the resistance level, Injective Protocol is currently trading at a market price of $37.97 (representing a 24-hour change of +0.93%).

The retracement move was triggered by an overhead level of resistance at $39.85, an area which has cap-stoned INJ price action for over a month since January 17.

Indeed, recent weeks have seen INJ price become ensnared by a tight trading channel that has created volatile chop between $29 and $34.

However, an emergent supply zone has seen this trading channel feed accumulation by holders, culminating in a vital reclamation of the 20DMA (sat at $34.85) for the past week.

Now with steadfast footing from a lifeline moving average, INJ price is poised to attempt to crack overhead resistance for the first time since a failed test on January 29.

Meanwhile, the 200DMA remains aggressively ascendant in a reflection of INJ’s growing momentum on the long-time frame, although still below likely lower levels at $20.

Shifting our focus to Injective Protocol indicators, the RSI has began to heat-up as price action pushes to the top of the trading channel, now reading at57.51 – this still leaves capacity in the chart for INJ to breakout of its month-long range.

This view is reinforced by minor bullish divergence on the MACD, which showcases positive upside momentum at 0.52, indicating price action is not fatigued from the upside moves.

Overall, INJ price analysis paints a picture of a much-needed retest of upside resistance, with the makings of a potential breakout play that could see Injective Protocol push high once more.

INJ Price Analysis: As leading AI-powered DEX Injective Protocol takes localized tumble move, is Injective on the verge of a downturn?

To the upside, this leaves INJ price with a local target above resistance at $43.55 (a possible +15.21%).

While downside risk could see INJ price plummet down to the supply zone at $33.5 (a potential -11.38%).

INJ price analysis consequently reveals a short-time frame risk: reward ratio of 1.34 – a moderately good entry – characterized by further upside potential.

But while some investors might be put off by the meagre gains predicted in INJ price analysis, other astute risk-takers are shifting their focus to a potentially big play in Sponge V2.

Sponge V2 Launch ($SPONGEV2): Last Chance to Buy – Poised To Outperform INJ Price Analysis?

Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.

Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.

How to Acquire Sponge V2, Staking Mechanics explained and P2E Integration

Acquiring Sponge V2 is unique:

  • Stake Sponge V1: Buy and stake V1 tokens via or stake your existing V1 tokens.
  • Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.

Read more: Best Crypto to Invest In 2024

Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.

Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.

Moreover, this P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.

Unique Aspects of Sponge V2 Over INJ Price Analysis

  • Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking.
  • Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses.
  • Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY.
  • Permanent Transition: Staking V1 tokens will result in their permanent locking, shifting the focus to V2 post-launch.

Sponge V2 Roadmap and Future Prospects

Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.

The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.

Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.

The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.

Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.

Get Sponge V2 Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.