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Injective (INJ) price is stuck in a state of consolidation. Is a breakout imminent?

Injective Coin (INJ) stock price momentum has turned bearish after hitting an all-time high about two weeks ago.

INJ is rallying again, up over 15% in the last three days, but will it be able to break the consolidation?

Currency Investors Injective They rush

Injective coin price is currently trading at $40.17, up from $35.02 just 72 hours ago. This once again gave bullish signals to investors, shaken by the 32% correction since mid-March.

As a result, as the price of injective coins attempts to escape market consolidation and consolidation, investors are also contributing to the network. Securities that traded on the network tended to drive up the price. In the case of INJ, the funds are largely dominated by investors owning these securities.

Injective active addresses by profitability.
Active addresses by injective currency by profitability. Source: In the block

These investors are currently neutral and waiting for the price to increase to make profits. Their activity shows that INJ holders remain optimistic that the price of injective coins will continue to rise, which will drive bullish momentum.

Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run

However, there is a large group that has remained somewhat inactive and must engage in transactions in order to increase injective prices. This group consists of the whale addresses that dominate over 84% of the circulating INJ supply.

Currently, these holders are transacting with an average value of just $7 million, compared to a total volume of $14 million. This indicates that despite their dominance, their participation is limited, which would drive the price of INJ higher if it improves.

Injective Whale Transactions.
Injected Whale Transactions. Source: In the block

INJ Price Prediction: $45 is the Target

Injective Coin price is testing the local resistance level marked at $41, which if successfully breached will allow INJ to continue rising. Currently, the price of the cryptocurrency is between $35 and $45.

Once Injective coin price crosses the $45 level, it will have a chance to reach the all-time high of $51.85, provided it can cross the $50 resistance level.

INJ/USDT 1-day chart.
INJ/USDT 1-day chart. Source: Trading View

Read more: 9 cryptocurrencies offering the highest staking returns (APY) in 2024

However, if this breakout fails, the price of the injecting coin will be vulnerable to a rebound towards $35. Losing this support floor would invalidate the bullish thesis and take INJ back to $31.

Of confidence


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الأسواق,تحليل الحقن (INJ)