Injective (INJ) Price Surge: Can INJ Recover from the 65% Drawdown?
Injective (INJ) has demonstrated a strong 24-hour performance, gaining 17% in the last 24 hours. This surge raises the question: Can INJ recover from the 65% drawdown from its all-time high?
Injective Technical Analysis: Testing Key Levels
The Injective price has approached or tested the daily Ichimoku cloud, which is a very bullish sign. The size of the cloud highlights the significance of this level.
– Key resistance levels in the mid-to-long term are $29.5, $34, $38.4, and $43
– If the daily Ichimoku cloud breaks on INJ, it could witness a price appreciation toward $33
– If Bitcoin’s price reaches back to $73,000, the price could easily increase by another 18% in the mid-term
– Correlation with Bitcoin:
– INJ has shown a notable correlation with Bitcoin, standing at 0.6
– Movements in Bitcoin’s price significantly impact INJ
– Expect INJ to trade between $30 and $34 if Bitcoin reaches $73,000
On-Chain Metrics: Validating Price Appreciation
On-chain activity indicates that the price appreciation is genuine, with notable spikes in key metrics:
– Total Addresses at All-Time High:
– The total number of addresses holding INJ is at an all-time high, signifying growing interest and adoption
– Active Addresses Rising:
– The number of active addresses has been increasing, a positive indicator of network activity and engagement
– Large Transactions Decline:
– Decrease in large transactions can reduce volatility and make the market less susceptible to sudden sell-offs, leading to a stable price and less risk
Strategic Recommendations and Price Projections
Bullish to Neutral Outlook:
– Target Level at $29.5:
– Initial target is $29.5 if the price enters the daily Ichimoku cloud, a significant resistance level
– Major Price Appreciation:
– Break above $29.5 could trigger major price appreciation, with potential targets at $34, $38.4, and potentially reclaiming $40
– Downside Risk:
– Failure to hold the lower boundary of the Ichimoku cloud could lead to an exit to the downside, negating bullish probability and leading to further declines
Hot Take: Analyzing INJ’s Potential Recovery
Injective (INJ) has shown significant strength with a 17% gain in the last 24 hours. However, the key question remains whether INJ can recover from its 65% drawdown from the all-time high. By testing key levels and analyzing on-chain metrics, it seems that INJ is poised for potential price appreciation but faces some downside risks. Stay alert for further developments in the INJ price!
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