Industry AnalysisLINKNEARNewsPrice Prediction

INJ turns bullish amidst 100% token unlock: What’s next?

2 Mins read


  • INJ witnessed massive liquidation near the $41 mark, causing a price correction. 
  • Market indicators looked bearish, but a few metrics suggested otherwise. 

Injective’s [INJ] price action took a sideways path in the last few days, as its chart moved marginally. However, things could soon turn in investors’ favor, as a bullish pattern had started to form on the token’s price chart at press time.

In the meantime, INJ was awaiting its next token unlock, which would push its circulating supply to its maximum.

Injective bulls to enter the market soon?

CoinMarketCap’s data revealed that, after a price pump, INJ witnessed a price correction. Because of this, the token only managed to move up by over 1% in the last 24 hours.

At the time of writing, INJ was trading at $37.41 with a market capitalization of over $3.1 billion, making it the 27th largest crypto.

To better understand what caused the price correction, AMBCrypto checked INJ’s liquidation heatmap. As per our analysis, INJ’s liquidation skyrocketed when its price reached the $41 mark.

The high sell-offs initiated a bear rally, pushing the token’s price down.

Source: Hyblock Capital

The good news was that while the token’s price chart barely moved, a bullish pattern formed on its chart. Captain Faibik, a popular crypto analyst, recently posted a tweet highlighting the fact that a bullish flag pattern formed on Injective’s chart.

If the token manages to test that pattern, then investors might soon witness a bull rally, allowing INJ to push its price up to a considerable extent.

To check this possibility, AMBCrypto took a look at INJ’s daily chart. Our analysis found that most market indicators remained bearish at press time.

Notably, its Relative Strength Index (RSI) and Money Flow Index (MFI) both registered downticks and were headed towards the neutral mark.

The token’s Chaikin Money Flow (CMF) followed a similar trend, showing increased chances of a price decline.

Source: TradingView

Injective to unlock its maximum supply soon!

While the news of the bullish pattern emerged, X (formerly Twitter) account Token Unlocks revealed that INJ will unlock 100% of its total supply on the 21st of January 2023. Notably, a total of 3.66 million INJ tokens will be unlocked on that day.

This unlock can help increase the token’s social metrics, which will indirectly have a positive impact on its price. At press time, however, INJ’s Social Dominance remained high.

Read Injective’s [INJ] Price Prediction 2024-25

Its Weighted Sentiment also improved, meaning that bullish sentiment was dominant in the market during this time.

Source: Santiment

Not only that, but investors at large seemed to have been buying INJ, as evidenced by the drop in its Supply on Exchanges. Another positive metric was Injective’s MVRV ratio, which remained up throughout the last week until press time.

Source: Santiment


Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.