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Injective (INJ) Price to Recover After Hitting 2024 Lows

2 mins
Updated by Ryan Boltman
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In Brief

  • Injective's price fell to 2024 lows of $21.3 after noting consistent corrections for almost a month.
  • The investors are exhibiting conviction as they are opting to HODL the INJ supply they hold.
  • Active deposits have declined considerably, further substantiating the sentiment of HODLing.
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While Injective’s (INJ) price may not be the worst performer, it managed to mark a new bearish achievement in the last 24 hours.

The altcoin hit a new year-to-date low, declining to $21.3, but could see a comeback.

Injective Investors Appear Optimistic 

The Injective’s price could recover in the coming days as INJ holders are exhibiting bullishness at the moment. The first indication of this comes from the decline in active deposits. This metric measures the total number of unique addresses that move assets from their wallets to the exchanges.

Generally, a spike in the active deposits results in the asset witnessing a surge in short-term selling pressure. However, a deposit dip indicates that investors opt to hold on to their supply instead of selling it.

Injective Active Deposits.
Injective Active Deposits. Source: Santiment

This aids the cryptocurrency in noting a recovery.

In addition to this, the Mean Coin Age is also observing an uptick. Mean coin age refers to the average age of all coins in circulation within a cryptocurrency network. It’s a metric used to gauge the overall activity and maturity of the coin supply.

Read More: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Injective Mean Coin Age.
Injective Mean Coin Age. Source: Santiment

Downticks in this metric are a sign of INJ moving within addresses, while an uptick suggests that the sentiment of HODLing is dominant. Injective investors will likely avoid selling their assets, making price recovery much quicker.

INJ Price Prediction: $28 Is the Target

At the time of writing, Injective’s price is $23.9, after bouncing back from $21.3. This is the lowest price INJ has been at since the beginning of the year. However, the bearish cues that had been driving the price down are seemingly disappearing.

This would enable Injective’s price to note a recovery over the next few trading sessions, bringing it closer to the recovery target of $28.0. This price aligns with the 200-day Exponential Moving Average (EMA).

Read More: 9 Cryptocurrencies Offering the Highest Staking Yields (APY) in 2024

Injective Price Analysis.
Injective Price Analysis. Source: TradingView

Flipping it into support would enable further recovery and mark a 20% rise.

However, if the bearish cues gain dominance again, the altcoin could dip again. A fall below $21.3 would invalidate the bullish thesis and form a new year-to-date low for INJ.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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