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January’s FOMO is dominant in altcoins, and the still shallow liquidity is triggering large movements in cryptocurrencies. This has brought investors gains of over 100% in altcoins that have been evaluated from the bottom. INJ Coin was one of them, even outperforming the market average throughout the year with significant gains. So, what are the expectations going forward?
INJ Coin 2024 Forecast
Injective Protocol (INJ) received the expected support from the excitement around AI and DeFi this year. AI has been popular since last November, and DeFi has attracted more investor attention following the FTX collapse. The combination of DeFi and AI in INJ Coin triggered massive price increases due to the multiplier effect of these two hype areas.
The price increase of Injective Protocol’s INJ token could also be associated with the intense interest of airdrop hunters. Analyst Crypto Kaduna highlighted several projects built on Injective Protocol, noting that many investors are trying to profit from airdrops. With the growing interest in AI and the expectation of airdrops, INJ Coin demand could remain vibrant in 2024.
INJ Coin Price Predictions
INJ Coin’s price, being in the overbought zone, could see a correction for two reasons. The first is that the RSI is at an overbought level, indicating a need for a pullback. The RSI value stayed above 70 throughout December. At the same time, the price does not seem to be able to break the $42 resistance.
The second major reason for a correction could be the potential “sell the news” drop that may come with the approval of a spot Bitcoin ETF in January, which could drag down altcoins. A pullback from the rising trend line resistance could bring the risk of a drop to $18, towards the trend line.
The support zone, which is about 50% below the current price, had served as resistance in November 2023 and September 2021.
On the weekly chart, we see profit-taking above $41 from the long wick of the candle. The support levels here are $35 and $30. The key support level is the $18-18.5 range. The next threshold is $15.2.
