Injective

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/injective-inj-price-movement-and-unlocking-event-analysis/" data-wpel-link="internal">Injective (INJ) Price Movement and Unlocking Event Analysis</a><br></p>
<p style="text-align: justify"><strong>Injective’s (INJ)</strong> price movement has been horizontal in the past few days due to marginal activity on its chart. However, a bullish trend may be forming, which could soon turn in favor of investors.</p> 
<h2 id="inj-s-unlocking-event">INJ’s Unlocking Event</h2> 
<p style="text-align: justify">The popular altcoin INJ was awaiting the next token unlock that would maximize its circulating supply. Data from <strong>CoinMarketCap</strong> showed that after INJ’s price increase, it experienced a price correction. As a result, the token managed to rise just over 1% in the last 24 hours. At the time of writing, INJ was trading at $37.41 with a market value of over $3.1 billion, making it the 27th largest cryptocurrency. To better understand what caused the price correction, INJ’s liquidation map was checked. <strong>INJ’s</strong> liquidation increased rapidly when its price reached $41.</p> 
<p style="text-align: justify">High sell-offs initiated a bear rally that pulled down the <strong>token’s</strong> price. A popular crypto analyst, Captan Faibik, recently tweeted highlighting the formation of a bullish flag pattern on Injective’s chart. If the token successfully tests this pattern, investors could soon witness a bull rally, potentially significantly increasing INJ’s price. This possibility was checked by looking at <strong>INJ’s</strong> daily chart. According to analyses, most market indicators were on a downward trend at the time of writing. Particularly, the relative strength index (RSI) and the money flow index (MFI) recorded declines and were moving towards a neutral level.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-299363 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/santimetn.png" alt="" width="2048" height="693"></p> 
<h2 id="inj-current-data">INJ Current Data</h2> 
<p style="text-align: justify">The token’s chaikin money flow <strong>(CMF)</strong> also followed a similar trend, indicating an increased possibility of a price drop. As <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> of a bullish trend emerged, account X announced that the token unlock for INJ would release 100% of its total supply on January 21, 2023. Specifically, a total of 3.66 million <strong>INJ</strong> tokens will be unlocked that day. This unlocking event could help increase the token’s social metrics, which in turn could have a positive impact on its price. However, INJ’s social dominance remained high. Weighted sentiment also improved, which could mean that a bullish trend was dominant in the market during this period.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/injective-inj-price-movement-and-unlocking-event-analysis/" data-wpel-link="internal">Injective (INJ) Price Movement and Unlocking Event Analysis</a></h5>

Injective (INJ) Price Movement and Unlocking Event Analysis

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