Deciphering the Potential Surge of Injective (INJ) Prices Towards $40
Wednesday, 10 April 2024, 14:30
Injective (INJ) Price Consolidation: A Prelude to a Push Towards $40?
Market watchers closely track on-chain metrics as Injective (INJ) consolidates. Increased activity in daily active addresses and network growth hint at a potential surge towards $40 if bulls overcome current bearish sentiments.
Injective On-Chain Metrics Show Consolidation:
- INJ has seen a steady phase of consolidation with its daily active addresses, surpassing 1,000 for the first time since January 12.
- Network growth stands at 234 as of April 9, indicating a potential accumulation phase as more traders join the network.
Injective Holders at a Crossroads:
- Many addresses bought INJ between $23 and $31.50, with 44.27% of holders profiting and 42.88% remaining in the red.
- The current price remains crucial as any upward movement could impact holders' positions significantly.
INJ Price Prediction: $40 Possible if Bearish Indicators Cool:
Despite facing bearish indicators, there's potential for INJ to reach $40 through a change in market momentum. Technical indicators suggest a possible reversal, hinting at a path towards overcoming bearish barriers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.