Injective (INJ) Price Surges by 13%: What’s Behind It?

The price of Injective (INJ) increased by 13% within 24 hours, as long-term investors take bullish positions on the cryptocurrency after booking profits at the beginning of May. The recent token burn exercise on Friday, May 26, which saw almost 5.7 million INJ tokens destroyed, also coincided with the positive sentiment in the crypto market surrounding the US debt ceiling crisis. By Monday, May 29, INJ had already gained 13% to become the top performer among the top 100 cryptocurrencies.

Here are some key factors behind Injective’s renewed bullish momentum and a possible INJ price prediction for the coming days:

Injective (Inj) Price Surges By 13%: What’s Behind It?

Long-Term Investors Are Back in Control

Long-term investors of INJ have regained their confidence in the longevity of the Injective ecosystem, as evidenced by the 30% rebound in the Mean Coin Age from May 1 to May 29. Mean Coin Age gauges the average length of time coins have remained in their previous wallet addresses. Whenever it goes up significantly, it signals network-wide accumulation. If this trend continues, it could spark bullish momentum across the entire Injective network.

INJ Price Could Rise Higher Before Correction

The community sentiment regarding INJ is trending upwards, although on-chain data indicates that it is still in the negative zone. The current data suggests INJ’s top gainer status is not yet priced in, posing the potential for market participants to turn bullish. Consequently, this could send the price of INJ on another upward trend in the upcoming days.

INJ Price Prediction: Bulls Are Aiming for $8.55

With the bullish activity among long-term investors, INJ may rise above $8 in the coming days. However, IntoTheBlock’s In/Out of The Money Around Price (IOMAP) data suggests INJ will face initial major resistance at around $7.90, as 343 investors have bought 5.06 million INJ at an average price of $7.86, indicating a sell-wall. If the price continues rising, it could reach $8.50. However, the price prediction may be invalidated if INJ falls below $7.0 or the critical support level of $6.4.

Disclaimer

This analysis article is solely for informational purposes and should not be considered as investment advice. Bitrabo endeavors to provide accurate and unbiased reporting, but market conditions can change rapidly. Always do your research and consult with a financial professional before making investment decisions.

Bitrabo Editorial
Bitrabo Editorial
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