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Bitcoin price dropped below $65,300 again, halting the rapid rise in altcoins. Higher-level sales are quite normal for BTC, known for its speculative movements. So, what is the current situation for INJ Coin? Will the price, which has seen its annual low, recover?
INJ Coin Commentary
Injective (INJ) experienced a complicated situation after showing an impressive performance for a long time. It saw its annual low but there are satisfactory signals for a comeback. The decline in active assets pumps optimism that the selling pressure will weaken. This data shows us the amount of INJ Coin transferred to exchanges. If the assets transferred to exchanges decrease, a reduction in selling pressure is expected.
There is another indicator supporting the decline in the active deposits metric. The Average Coin Age is also increasing. This metric, based on the duration that INJ Coins are held in wallets, reflects the current perspective of investors. If the Average Coin Age is increasing as it is here, it means investors are less willing to sell and are accumulating.
INJ Coin Price Prediction
Investors are not transferring assets to exchanges for sale and are holding their INJ Coins longer. Therefore, the price should rise. Although the fluctuation in BTC price is discouraging, it may be useful to look at technical indicators specific to INJ Coin. Injective’s price rebounded from $21.3 and is lingering at $23.9.
INJ Coin saw its lowest level since the beginning of the year and the decline signals are now gradually disappearing. If the rise continues, a new test at $28 can be made. This price level, which corresponds to the 200-day EMA, will also reverse the dominant downtrend.
However, if the current BTC losses deepen and a new selling spree starts in altcoins, INJ Coin will also be affected. Closures below $21.3 will cause the $28 target to fail and INJ Coin will seek new lows.
Investors motivated by the latest inflation data and 13F documents are closely watching the Bitcoin price.
