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Bitcoin is declining towards $70,400, but there is no significant negativity in the overall crypto market. Altcoins remain active. While ETH is reaching new highs, INJ Coin has also turned upwards along with other altcoins. So, what do the current predictions indicate for INJ Coin?
INJ Coin Analysis
A few days ago, before the rumors of the Spot ETH ETF approval swept the markets, we mentioned that INJ Coin might have hit its bottom and a potential rally could be on the horizon. With the support of the ETH news, INJ Coin started to recover. The price increased by 7% today.
For Injective (INJ) Coin, the key levels in the medium and long term are $29.5 and $34, followed by $38.4. In a scenario where the rally accelerates beyond this, $43 could be seen. The altcoin is currently finding buyers just below its first resistance level of $29.5.
If the Ichimoku Cloud on the daily chart of INJ Coin can be broken, a rally towards the $33-34 range is expected. This implies a rise of nearly 20%. INJ shares a significant correlation with Bitcoin at the 0.6 level. This means it can quickly react to BTC price increases and decreases. While BTC targets the $73,000 level, if it can maintain the $70,500 region, the upward barriers for INJ Coin may weaken.
INJ Coin Predictions
The number of addresses holding INJ Coin has hit an all-time high again. This indicates that more investors are holding INJ Coin and stimulating demand during the rise. The increase in active addresses supports the trend we mentioned earlier, and the strengthening of network activity with the price increase is an important rally signal.
While the number of whale transactions is weak, the fact that large transfers are not currently worrying individual investors may balance out sales concerns. As mentioned at the beginning, if INJ Coin can test the $29.5 level and sustain closures above it, the targets should be the $34 to $38.4 levels.
However, if the price tests the Ichimoku Cloud support on the daily chart and falls below it, the bullish scenario may be shelved. At the time of writing, BTC was at $70,456 with newly initiated profit-taking.
