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Injective's INJ Set for Bullish Momentum with Upcoming 100% Token Unlock: Analysis

2024/01/08 11:13

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Injective's INJ token experienced sideways movement recently but hints at a potential bullish turn, reflecting positive indicators amidst an imminent 100% token unlock.

Anticipating Bullish Momentum:

While INJ's price remained relatively stable, indications suggest a potential shift towards a bullish pattern in its price chart. This pattern, notably highlighted by crypto analyst Captain Faibik, signals a possible bullish flag formation that could trigger a rally, propelling INJ's price considerably higher.

Recent Price Action:

Following a surge in INJ's price and subsequent correction, the token managed only a modest 1% increase in the last 24 hours. Presently trading at $37.41, INJ holds a market capitalization exceeding $3.1 billion, positioning itself as the 27th largest cryptocurrency.

Analysis of Market Indicators:

Despite the potential bullish pattern, current market indicators portray a bearish sentiment. The Relative Strength Index (RSI), Money Flow Index (MFI), and Chaikin Money Flow (CMF) all exhibit downward trends, suggesting increased probabilities of a price decline or consolidation.

Unlocking Maximum Supply and Social Metrics:

The upcoming unlocking of 100% of INJ's total supply on January 21, 2023, might impact social metrics positively. This event, disclosed by Token Unlocks, will release 3.66 million INJ tokens, potentially influencing social dominance and weighted sentiment. These metrics currently reflect a bullish sentiment prevailing in the market and a decline in supply on exchanges, hinting at increased investor interest in INJ.

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