Token

Injective

Generation

In the cryptocurrency industry, where cryptocurrencies are struggling to gain momentum, Injective’s native token INJ has experienced a significant surge, increasing by over 10% in just 24 hours. Injective is a Cosmos-based blockchain that combines artificial intelligence with decentralized finance (DeFi). In addition to the substantial price surge in INJ, it has been observed that its Total Value Locked (TVL) has also surged over 90% in the last 30 days, currently standing at $20.56 million. Token unlock news and contrary market behavior 
Recently, <a href="https://news.todayq.com/2-1-billion-worth-of-tokens-set-to-unlock-in-january-2024/" rel="noopener noreferrer nofollow">Todayq News reported</a> that Injective is planning a massive token unlock on January 21, 2024. During this event, over 3.67 million INJ tokens, constituting 3.67% of the total supply of Injective, will unlock. Experts anticipate a potential price falldue to token unlocks. However, despite this news, INJ has surged more than 11% in the last 7 days. 
Injective’s native token INJ was launched in October 2020 on the Binance Launchpad. Initially, 15.22% of the maximum supply was introduced into the market at the Token Generation Event (TGE). Currently, INJ is trading near $41.81, and in the last 24 hours, it surged more than 10%. The current market capitalization of INJ has also reached $3.5 billion. Notably, INJ reached its all-time high of $44 and its all-time low of $1.27 in January 2023. INJ technical analysis and potential price reversal 
According to expert technical analysis, INJ is trading near its all-time high, suggesting a possible price reversal. This is attributed to the upcoming token unlock and the significant difference in the price of INJ and its 200EMA on a daily time frame. Additionally, INJ is consolidating in a tight range between $43.18 and $34.35. Currently, the INJ price is approaching the upper limit of the consolidation zone. When examining the hourly chart of INJ, it appears to form a channel pattern, indicating a potential price reversal in the future. Source: TradingView 
However, if the lower level of this consolidation zone experiences a breakdown, a substantial price drop to $28 and further down to $18 may occur, where INJ’s 200EMA on a daily time frame is located.
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Injective (INJ) price might decline despite 10% gain, Here’s Why?

Todayq News

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