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Cryptocurrencies are not achieving significant gains due to recent BTC fluctuations, yet major announcements continue. These developments could affect long-term price performance and increase investors’ risk appetite. Which altcoin might see new highs due to its deflationary goals?
Future of INJ Coin
In the long run, the most critical detail for investors is the token economy. Many cryptocurrencies reach massive prices with only 1-5% of their supply initially circulating. However, when the circulating supply exceeds 50% of the maximum supply, reaching previous peaks requires unusual market values, which they often fail to achieve.
The blockchain managed by the Injective Foundation has experienced a significant development previously highlighted. With the 3.0 update, the team aims to turn token inflation negative, which should strengthen the price even as the circulating supply weakens and demand increases slowly.
However, deflation is not everything. ETH‘s price did not see massive growth following its transition to PoS. Despite significant amounts of Ether being burned and annual inflation turning negative, the supply reserved for staking and freed from exchange availability did not significantly impact the price. With exchange supply at its lowest levels in recent years, the timidity of short-term traders overshadows all positive developments.
INJ Coin Price Prediction
The long-awaited update has not yet had a significant impact on the price. Recently, following positive development expectations, the price reached its 2024 peak, then fell by roughly 50% from that peak. There is a cup and handle formation, which is considered a bullish signal on the technical front.
This formation suggests that if INJ overcomes the $29.85 resistance, it could open the door to a new rally. If the resistance level is breached and the expected breakout occurs, we might see INJ Coin’s price reach a new peak around $41.47, which implies a gain of over 45%.
Popular cryptocurrency analyst Nihilus has highlighted this formation, stating “be ready for a rally if the key price region is breached.” Currently, BTC has dropped to $66,000 and is preparing to set its daily low.
