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Home»Altcoins»Charting Injective’s Path from $25 to $35: Is an INJ Rally in Sight?
Altcoins

Charting Injective’s Path from $25 to $35: Is an INJ Rally in Sight?

2024-12-13No Comments3 Mins Read
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  • The number of short-term traders increased by 75%, indicating increasing market speculation on INJ.
  • INJ bounced off $25 support and was looking for a rally to $35.

injective [INJ] has shown a promising recovery, with price movements showing that $30 could soon serve as a support level. Despite a slight decline of 4.68% in the past 24 hours, broader market sentiment remains positive.

The token’s price has fluctuated between $28.32 and $30.66 during this period, indicating some volatility, but overall confidence in the asset remains.

Although INJ’s price is significantly below the all-time high of $52.75 reached nine months ago, the token still has strong potential.

Trading volume remains healthy, with $184.35 million in transactions in the last 24 hours. Institutional support, including support from BlackRock, continues to build confidence in INJ’s future, even as broader adoption remains a challenge.

These factors have a deflationary impact

The recent burning of over 11,309 INJ tokens during round 179 of the weekly burn event demonstrates efforts to reduce the number of INJ tokens in circulation.

With the launch of Inj_iAGENT, the roasting process has become more streamlined and efficient. Speculation about burning 50% of the total INJ supply has sparked excitement about its deflationary effects on the market.

This deflationary strategy aims to increase token scarcity, potentially increasing the value of INJ over time. By reducing circulating supply, Injective could attract more investor interest. The continued success of these burn events will be critical to maintaining upward pressure on INJ’s price.

Technical analysis shows…

An AMBCrypto analysis of INJ shows consolidation within a range, with critical support between USD 25 and USD 30. A breakdown below this zone could signal further declines, with the next support level being around $23.

See also  XRP Price Rally Short-Lived as Bearish Market Sentiment Trumps Ripple Labs' SEC Victory

However, the main resistance level to watch is around $30.00. A breakout above could push the price towards the key resistance at $35.

Source: TradingView

The $35 mark is seen as a critical resistance level, where a successful breakout could spark a bullish rally.

As for the indicators, the Stochastic RSI shows a potential bullish move with a slight crossover at the mid-levels. Meanwhile, the Chaikin Money Flow (CMF) remains neutral, indicating weak buying pressure.

The Alligator indicator signals market indecision, with consolidation near the moving averages between $29.03 and $29.31.

Source: TradingView

How did sshort-term sentiment shift bullish?

In the short term, the INJ market has shown a clear shift towards bullish sentiment. On December 13, long positions soared, pushing the Long/Short ratio above 1.10.

Source: Coinglass

The increase in long positions reflects growing optimism, while the fluctuating ratio signals periods of market indecision. Despite fluctuations, the rising number of long positions signals renewed confidence among traders.

The Long/Short Ratio has fluctuated between 0.70 and 1.20 in recent days, with a significant increase on December 13. This signals a shift toward a more bullish market outlook, as traders adjust their positions in response to recent price action.

Holders’ behavior reflects long-term optimism

Data from IntoTheBlock shows that the number of long-term holders has steadily increased over the past thirty days the number of addresses with INJ for more than a year increased by 15.40%, indicating strong long-term confidence.

Source: IntoTheBlock


Read Injective [INJ] Price forecast 2024–2025


On the other hand, short-term traders are up 75.21%, indicating increased speculative activity and price volatility.

See also  Sui Networks' total value reaches a record high of $1.72 billion

Despite the dominance of short-term traders, long-term investors remain steady, reflecting confidence in INJ’s future.

Next: $3 Billion in Bitcoin, Ethereum Options Expire Today: Will This Cause Market Volatility?

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charting INJ Injectives path rally sight
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