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Bitcoin price surpassed $59,000 again, and gold exceeded $2,500. US stock markets are rising rapidly. Crypto remains calm. Altcoins that experienced rapid losses in last week’s crash have not yet reached the same pace in gains. Volatility is increasing specifically for INJ Coin. So, what are the current expectations?
INJ Coin Commentary
With the bridge news to the TON network, positivity for INJ Coin increased. Before the announcement, the price was just below $18 and then reached the $19 threshold. The In/Out of Money Around Price (IOMAP) indicator shows that conditions are favorable for new peaks. Investors are hopeful as BTC approaches $59,500 again.
IOMAP tracks the current price and investor cost, showing how many holders are in profit or loss. Strong cost areas are expected to remain solid as support during such periods. The table below shows that 360 addresses bought over 71,000 INJ at approximately $19.30 and are now out.
However, 444 addresses bought 233,450 tokens near the current level, making them profitable. This suggests that the current levels can be maintained as support and the price can exceed $19.30.
Will INJ Coin Increase?
INJ Coin price can rise, and the exchange supply supports this. As of the writing of this article, current on-chain data indicates that approximately 900,000 tokens have been withdrawn from exchanges. When investors withdraw their assets from exchanges, they are less inclined to sell, and these balances usually go to self-custody wallets.
The descending wedge formed on the daily chart also supports the rise. The formation that occurs in an environment where the downtrend weakens allows buyers to accumulate more. The Money Flow Index confirms the dominant position of buyers. According to the indicator that measures buying and selling pressure, bulls have started to provide the necessary support for a new rally.
In a possible rally scenario, supported by the TON Coin news and on-chain signals, the price could move to the resistance of $20.22 to $21.67. The key threshold here is $20, and a possible rejection could lead to a drop to $17.57. The support of cryptocurrencies by the stock and gold rally is a positive development we observed close to the daily close. The weekend could be a comeback period for altcoins.
