Injective’s price reached a new record high of $44 on December 20, 2023, marking a remarkable gain of 3,200% for the year. An examination of on-chain data shows that the largest investors in the Injective ecosystem started buying more when INJ exceeded its earlier high of $22. This article is all about the INJ price forecast. Can INJ price continue higher to $50? Let’s look at this INJ price prediction article in more detail.
How has the INJ price moved in recent days?
As of today, the price of Injective (INJ) is $39.49, and it has experienced an increase of 1.57% in the last 24 hours. The 24-hour trading volume is $1.81 billion, with a market capitalization of $3.31 billion. Injective has a market dominance of 0.20%.
On December 20, 2023, Injective reached its highest price of $43.34, while its lowest price ever recorded was $0.664050 on October 29, 2020. The recent lowest price after reaching its all-time high was $38.31 (cycle low), and the highest price since the last cycle low was $39.59 (cycle high).
The current sentiment for Injective’s price forecast is bullish, and the Fear & Greed Index indicates a score of 70, suggesting greed in the market.
Injective’s circulating supply is currently 83.76 million INJ out of a maximum supply of 100.00 million INJ. The annual supply inflation rate is 14.72%, which resulted in the creation of 10.75 million INJ in the past year.
In terms of market capitalization ranking, Injective holds the 5th position in the DeFi Coins sector, 2nd position in the Layer 2 sector and 1st position in the AI Crypto sector.
Why could the INJ price rise in the next few days?
Injective (INJ) saw another rise in its price on Wednesday, driven by continued investor interest in the crypto-altcoin markets. Located at the crossroads of crypto AI and decentralized finance, INJ has proven to be one of the best performing digital assets in 2023, with an impressive price gain of 3,200%.
Of particular note is that key indicators on the chain suggest that corporate entities and high-net-worth investors are taking a more optimistic stance towards INJ in recent weeks. According to Santiment, a reliable on-chain data tracker, the top 100 wallets with Injective intensified their buying activity this week.
As illustrated in the chart above, these top 100 wallets collectively held 96.73 million INJ as of December 8th. However, they have significantly increased their holdings by an additional 460,000 INJ since then, bringing their total balances to 97.06 million INJ as of December 20.
Can INJ price continue higher to $50?
Injective (INJ) has shown extraordinary performance over the past year, with a staggering rise in its price. This exceptional growth sets it apart, outperforming 100% of the top 100 crypto assets during this period and surpassing the gains of both Bitcoin and Ethereum.
Currently trading above its 200-day simple moving average, INJ maintains a positive trajectory compared to its ticker price, displaying resilience and consistent upward momentum. With 16 green days in the last 30 days, accounting for 53% of the period, the coin has regularly shown positive market movements.
Despite its impressive liquidity, as evidenced by its sizeable market cap, caution is warranted as INJ appears overbought, suggesting a potential correction in the near future.
The collaboration between Injective whales and stalwart retail traders has significantly strengthened the prospects that Injective (INJ) will reclaim the $50 milestone. A promising sign from a technical analysis point of view is the continuation of the Golden Cross phenomenon for INJ, which reinforces the bullish outlook. The Golden Cross, characterized by the short-term moving average (eg 7-day) crossing above the long-term moving average (eg 30-day), is a favorable indicator of price momentum.
Examining the chart, it appears that Injective’s 7-day Simple Moving Average (SMA) Price is currently positioned at $34,746, notably surpassing the 30, 50, 100 and 200-day averages. This alignment indicates a sustained uptrend and strengthens the case for an optimistic price forecast, indicating the potential for INJ to reach or exceed the $50 mark in the near future. Investors can find confidence in the convergence of bullish market sentiment and positive technical indicators.
The current positive momentum in the market presents an opportunity for bulls to drive the INJ price past the $50 threshold. It is crucial to note that the $44 level can act as a significant psychological resistance zone. However, the potential bullish impact of the buying pressure from the top 100 whales, as seen in the past week, could act as a catalyst for the bulls to overcome this resistance.
In the event of a pullback, investors can find reassurance in the 7-day Simple Moving Average (SMA) price, which currently stands at $34, which could serve as significant support for the bulls. Monitoring the interplay between these key levels and the collective market sentiment will be essential to determine the likelihood of INJ breaching the $44 barrier and possibly reaching new highs above $50.
How to buy INJ?
For those looking to buy INJ, Bitget is an excellent platform to consider. Known for its low transaction fees and user-friendly interface, Bitget facilitates an easy and efficient process to buy and sell INJ. Given the current positive trend in INJ price and the optimistic outlook of the cryptocurrency market, this may be a strategic time to consider adding INJ to your investment portfolio.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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