Injective (INJ), a decentralized finance protocol, has been making waves in the cryptocurrency market as its native token, INJ, reached a new all-time high of $48. This milestone comes it broke out of the sideways channel it had been sandwiched in for weeks, with support from a particular group of investors – the whales.
TLDR
Injective (INJ) price has reached a new all-time high of $48, breaking out of the sideways channel it was stuck in for months.
Whale addresses holding between 100,000 to 1 million INJ have been accumulating, with their holdings growing from 9.34 million INJ to 9.67 million INJ in the past week.
Retail investors have also been indirectly pushing the price up by refraining from selling their INJ, as indicated by the low active deposits on exchanges.
If INJ manages to flip $50 into support, the rally may continue driven by FOMO among retail investors. However, a decline back to $45 could invalidate the bullish thesis.
Technical indicators like MACD show a decrease in buying pressure, suggesting a potential bearish trend in the near future.
Whale addresses holding between 100,000 to 1 million INJ have been actively accumulating the token, with their holdings growing from 9.34 million INJ to 9.67 million INJ in the past week alone. This accumulation has acted as a significant boost to the price, resulting in the recent rally.
Retail investors have also played a role in the price surge, albeit indirectly. Instead of accumulating, they have refrained from selling their INJ, as evidenced by the low active deposits on exchanges. This behavior indicates that investors are not currently looking to sell their assets, possibly due to expectations of further price increases.
Injective All time High price, from Coingecko
The INJ price has now broken through the resistance level of $45 and is currently trading at $48. As the altcoin aims to tag $50 as a crucial psychological support level, flipping this level into support could keep the rally going, driven by FOMO (fear of missing out) among retail investors.
However, if INJ experiences a decline as a correction from the recent rally, a fall back to $45 is likely. Losing this support level would invalidate the bullish thesis and bring the altcoin back into consolidation.
Technical indicators, such as the MACD (Moving Average Convergence Divergence), show a constant decline in the histogram, indicating an increase in selling pressure within the market. The averages also display a bearish curve, suggesting a negative price action for INJ in the coming time.
Despite the potential for a bearish trend, Injective’s recent all-time high has generated significant interest among investors. If the bulls manage to display a bullish trend reversal, the INJ price could test its resistance level of $52.21 this week and potentially reach its upper resistance level of $56 over the upcoming weekend.
As the cryptocurrency market continues to evolve, Injective’s performance remains closely watched by investors and analysts alike, with the potential for further price action in the coming weeks.
The post Injective (INJ) Price: Hits New All-Time High As Whales Accumulate, How High Will it Go? appeared first on Blockonomi.