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Injective Coin (INJ) is on track to recover after hitting its lowest level in 2024

Although AngActive coin (INJ) price may not be the worst performer, it managed to register another bearish leg in the last 24 hours.

It hit its lowest level since the start of the year, falling to $21.3, but it could see a recovery.

Investors in Angactive Coin INJ Optimists

Injective price may rebound in the coming days as INJ holders are currently showing optimism. The first indication comes from the decline in active deposits, a metric that measures the total number of unique addresses moving assets from private wallets to cryptocurrency exchanges.

Generally, an increase in active deposits leads to an increase in short-term selling pressure. However, the decline in deposits indicates that investors are choosing to hold on to their assets rather than selling them, contributing to the rebound in cryptocurrencies.

Active Deposits Angactive Coin INJ.
Active deposits INJ Angactive Coin. Source: Feeling

This helps the cryptocurrency notice a recovery.

Additionally, there is also an increase in the average age of coins. Average coin life refers to the average lifespan of all coins in circulation within a digital currency network. This is a metric used to measure the overall activity and maturity of a parts inventory.

Injection means the life of the part.
Injection means the life of the part. Source: Feeling

Decreases in this metric indicate movement of INJ coins within addresses, while increases indicate holding sentiment (HODLing) prevails.

Active coin investors will likely avoid selling their assets, which will accelerate price recovery.

INJ Price Prediction: $28 is the Target

At the time of writing, Angactive coin is priced at $23.9, having recovered from $21.3. This is the lowest price reached by INJ since the beginning of the year. However, the bearish signals that were driving the price lower appear to be fading. This will allow the price of Angactiv coin to register a recovery in the coming trading sessions, moving closer to the recovery target of $28. This price is in line with the 200-day exponential moving average (EMA).

Learn more: 9 Cryptocurrencies Offering the Highest Storage Yields (APY) in 2024

Analysis of the price of the injective part (INJ). Source: Commercial View
Analysis of the price of the injective part (INJ). Source: Commercial view

Turn this level into support This will allow recovery Additional and indicates an increase of 20%.

However, if bearish signals take over, the altcoin could fall again. A decline below $21.3 would negate the optimistic outlook and mark a new year-to-date low for INJ.

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