The crypto market has witnessed the rise and fall of numerous competitors. However, Injective Protocol’s native coin INJ left its mark on 2023. Together, the altcoin is up an impressive 400 percent year-to-date. Even after experiencing a slight pullback from this year’s highs, the bull momentum looks set to continue, according to crypto analyst Kelvin Munene.
Whales dive into INJ pool
In a significant development last month, some of the richest addresses on the Injective Protocol began accumulating INJ tokens. There has been a noticeable shift in altcoin assets even as the price has been hovering in a relatively stable range. Supply on addresses with balances between 10 million and 100 million tokens jumped from 74% to over 80%.
This move shows that the big players or “whales” are strengthening their positions. Typically, such whale activity is a strong indicator of market sentiment. Moreover, it often signals confidence to individual investors.
Altcoin price course after Bitkumb listing
As you follow on Kriptokoin.com, INJ entered the list of Bitkumb, Thailand’s largest crypto exchange, on September 8. Following this, INJ experienced a wave of renewed interest. Over the past week, the altcoin has witnessed a surge in volume, an indicator of its growing popularity and global adoption. Experts expect the excitement created by this listing to bring INJ even more into the spotlight.
Against the backdrop of the Federal Reserve’s discussions on interest rate hikes, the altcoin price has moved between $6.54 and $7.80 since mid-August 2023. Historically, Injective Protocol has consolidated around this important support level. A past retest at this point led to a 70% price increase. It also likely indicates that a similar upward trajectory is imminent.
INJ technical analysis: Consolidation is possible
As a result, INJ bulls pushed the altcoin price from an intraday low of $6.86 to a 7-day high of $7.22 before encountering resistance. Strong buying pressure suggests that a bullish breakout above the $7.22 resistance would set the next resistance at $7.50. However, it is possible that declining momentum and lack of volume could lead to a period of consolidation or a bearish trend.
INJ 24-hour price chart. Source: CoinStatsDuring the bull run, INJ’s market cap increased by 4.68% to $603,033,251. Additionally, 24-hour trading volume increased by 8.90% to $25,840,517. As of press time, INJ was trading at $7.20, up 4.68% from its intraday low.
There is a promising future for the altcoin, but…
On the INJ 7-day price chart, a Chaikin Money Flow (CMF) rating of -0.10 indicates some selling pressure in the market. This level indicates that some investors are taking profits or exiting their holdings. It also indicates that it contributes to the slowing rate. Additionally, the lack of activity can be attributed to cautious trading as investors wait for additional price confirmation before making any significant changes.
It is possible that the altcoin price will enter the oversold zone soon. However, the stochastic RSI is in an uptrend with a value of 9.35. It is possible that this level will alleviate some of the selling pressure in the market by attracting buyers looking for a buying opportunity. The rising stochastic RSI is also likely to indicate a possible reversal in momentum and a shift towards positive sentiment.
INJ 7-day price chart (source: TradingView)In conclusion, INJ’s impressive rise and whale activity point to a promising future. But amid market dynamics, cautious optimism prevails.
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