Monitoring Injective (INJ) On-Chain Metrics for Price Breakout Potential ๐
Investors and traders are closely watching the on-chain metrics of the Injective (INJ) token as it shows signs of consolidation. By analyzing key data points, market enthusiasts aim to forecast whether the price of INJ could make a significant leap towards the $40 mark. Hereโs what the latest metrics reveal:
Injective On-Chain Metrics Show Consolidation ๐
– INJ has been experiencing a period of consolidation, especially in terms of daily active addresses.
– On April 9, daily active addresses exceeded 1,000 for the first time since January 12.
– Network growth has also shown an increase, with 234 new addresses created daily as of April 9, compared to a low of 130 on April 4.
– This surge in activity suggests heightened user engagement and a potential accumulation phase, which could pave the way for a bullish surge in the future.
Additionally, the consistent growth in INJโs network indicates a steady influx of new users and capital into the ecosystem. These indicators often precede significant price movements, hinting at a positive outlook for INJ in the coming days.
Injective Holders at a Crossroads ๐ค๏ธ
– Analysis of the In/Out of the Money (GIOM) data for INJ reveals that a significant number of addresses acquired the token between the price range of $23 and $31.50.
– ‘In the Money’ addresses predominantly fall within this range, indicating profits for 44.27% of holders.
– Currently, 42.88% of holders are in a loss position, while 12.85% remain break-even.
– The current price level serves as a crucial juncture for holders, as any upward movement could shift more ‘Out of the Money’ addresses into profit territory.
INJ Price Prediction: Possibility of Reaching $40 If Bearish Signals Subside ๐
– On the four-hour price chart, INJ is trading within a narrow range below key moving averages.
– Despite trading below crucial EMA levels, the consolidation phase may indicate accumulation by strategic investors anticipating future price appreciation.
– Although the market sentiment appears bearish, there are positive signs such as the RSI hovering around 21.23, suggesting potential oversold conditions.
– However, the MACD signals a continued bearish sentiment, with the possibility of a further downward trend in the near future.
While the $40 milestone remains a target for many, achieving this price level will depend on a shift in market momentum. Technical indicators hint at a potential reversal, but only time will tell if INJ can break through bearish barriers and embark on a new uptrend. In case of accelerated bearish momentum, key support levels around $30 may be tested.
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