- 28% of the total holders of the Injective token were in profit at the time of writing.
- The INJ crypto’s price sentiment was bearish, as per Coincodex.
The Injective (INJ) price advanced 8.4% in the last 24 hours, leading to a market cap of $1.675B. This made it the 45th largest cryptocurrency in the global crypto market.
INJ crypto had a strong market presence, followed by a market cap dominance of 0.08%. The project fundamentals of the token were also strong, as per Chain Broker, resulting in a rating of 8.79/10.
The financial data of the token showed strong confidence among investors. This is because 72% of the token’s holders have been holding it for 1–12 months at press time. Additionally, the large holder’s concentration in the token was 95%, followed by a price correlation of 0.9 with Bitcoin.
At press time, 43.6K holding addresses held the token, and its top 10 holders held 87.79% of the total supply. The holder’s overview chart of Injective tokens showed a consistent surge in holders over time.
The INJ coin price was highly volatile, resulting in a volatility of 9.25%. This might lead to uncertain price movements in the future. The token’s supply inflation was also high, which might deflate the price in the future.
What Does Higher Short Liquidation In The Injective Price Indicate?
An addition in the number of INJ Crypto’s derivatives open positions was recorded in the last 24 hours. This further resulted in an open interest value of $79.78M, followed by a surge of 15.6%.
The token’s derivatives traded volume witnessed a surge of 44% in the last 24 hours from the press time. This led to a traded value of $288.66M.
The INJ price witnessed a higher short liquidation in the last 24 hours from the press time. Against this, longs worth $27.88K were liquidated, showing buyers’ price dominance.
What’s Ahead of the Declining Momentum in the INJ Crypto Price?
The INJ coin price has been navigating a persistent downtrend, culminating in a lower-low swing on the price chart. A falling wedge pattern has also emerged on the token’s daily chart. The price oscillating within the confines of this pattern accompanied it.
When writing, the Injective price experienced rejection at lower price levels. It happened particularly after testing the lower band of the falling wedge. This rejection prompted an upward movement, signaling a potential shift in momentum as the price started climbing toward higher levels.
For the recent price surge, the INJ token must break above the falling wedge pattern’s upper boundary to lead a sustainable recovery. A sustained breakout, supported by substantial volume and momentum, is crucial to confirm a reversal in trend.
The token could significantly shift toward bullish territory if these conditions are met. This could potentially lead to further price increases and renewed investor interest in INJ.
What Do Technical Indicators Indicate About Injective Price?
The INJ coin price recently fell below the Supertrend Average True Range level, signaling the onset of a bearish trend.
Further reinforcing this downtrend, the 50-day and 200-day Exponential Moving Averages (EMAs) formed a death cross. It was accompanied by the token’s price declining below both indicators.
INJ/USD Chart by TradingView
A bullish crossover was observed while the MACD and signal lines followed a hostile trajectory. This development indicated growing uncertainty in the INJ price movement, as the bullish signal conflicted with the prevailing downtrend.
Similarly, the RSI showed signs of recovery as it advanced from the oversold zone and broke above the 14-day SMA. However, the RSI followed a bearish cycle despite this upward move, suggesting potential instability in the token’s price action.
In the near term, INJ crypto may find support at $13.80 and $16.90, with resistance levels at $33.30 and $41.50. The price’s reaction to these levels could determine the token’s next significant move.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
