Convergence

Token

Injective

Divergence

<img width="1200" height="630" src="https://coingape.com/wp-content/uploads/2024/01/SOL-3-e1704824025939.png" class="attachment-full size-full wp-post-image" alt="INJ" decoding="async" style="float:right; margin:0 0 10px 10px;">
Injective price dynamics have been fluctuating significantly over the past week as investors and traders grapple with the implications of the upcoming token unlock for the Injective Protocol’s native token, INJ. The market has witnessed a tug-of-war between buying and selling pressures, yet there are emerging signs that the bulls may be gaining an upper hand. 
Despite the looming release of a significant slice of&nbsp; <a href="https://coingape.com/glossary/altcoins/">INJ, bullish sentiment</a> has been cautiously building over the past few days.<a rel="nofollow" href="https://coinmarketcap.com/currencies/injective/"> Injective price</a> has been trading in the range between $32 and 44, gaining 10 weeks, giving optimists and positive outlooks for the INJ token’s future. This upward trend, coupled with increasing investor interest and market confidence, suggests a potential for further gains.&nbsp; 
<figure id="attachment_173026" aria-describedby="caption-attachment-173026" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-large wp-image-173026" src="https://coingape.com/wp-content/uploads/2024/01/INJUSD-1224x643.png" alt="INJ" width="1224" height="643" srcset="https://coingape.com/wp-content/uploads/2024/01/INJUSD-1224x643.png 1224w, https://coingape.com/wp-content/uploads/2024/01/INJUSD-300x158.png 300w, https://coingape.com/wp-content/uploads/2024/01/INJUSD-768x403.png 768w, https://coingape.com/wp-content/uploads/2024/01/INJUSD-1536x807.png 1536w, https://coingape.com/wp-content/uploads/2024/01/INJUSD-150x79.png 150w, https://coingape.com/wp-content/uploads/2024/01/INJUSD.png 1815w" sizes="(max-width: 1224px) 100vw, 1224px">
 <figcaption id="caption-attachment-173026" class="wp-caption-text">
 Source: <a rel="nofollow" href="https://www.tradingview.com/x/kmIl5fLW/">Tradingview</a>
 </figcaption>
</figure> 
At the time of writing,&nbsp; Injective price stands at $42.46, marking a significant increase of 2% over the past 24 hours. This uptrend is further underscored by a robust trading volume of $459 million, hinting at the possibility of a continued bullish trend in the near future. 
Injective’s market capitalization has also experienced a boost, reaching $3.49 billion and securing its position as the 23rd-ranked <a href="https://coingape.com/glossary/cryptocurrency/">cryptocurrency </a>in terms of market cap. This remarkable performance is drawing increased attention from investors and market analysts alike. 
<h2 id="strong-bullish-sentiment-grows-as-injective-navigates-token-unlock-strong">Bullish Sentiment Grows as Injective Navigates Token Unlock</h2> 
The upcoming token unlock for Injective has stirred diverse opinions among market analysts. <a rel="nofollow" href="https://twitter.com/CryptoFaibik/status/1743673380858163671?ref_src=twsrc%5Etfw">Captain Faibik</a>, an analyst, foresees a potential price rise, arguing that the event could enhance liquidity and attract new investors. This split in perspectives highlights the uncertainty surrounding the short-term impact of the token release on INJ’s market value. 
The Injective ecosystem is on the cusp of significant development with the impending release of approximately 3.66 million tokens. These tokens, valued at an estimated $132.4 million, represent a substantial 4.35% of the current supply. This event is expected to impact Injective’s market dynamics notably. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Final Cliff Unlocks Alert <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Mark your calendars for January 21, 2024<a href="https://twitter.com/search?q=%24INJ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$INJ</a> will be fully unlocked (100%) 
 Get ready for the massive cliff unlocks. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fa99.png" alt="🪙" class="wp-smiley" style="height: 1em; max-height: 1em;"> 3.66 m tokens <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"> 132.4 m dollars <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f300.png" alt="🌀" class="wp-smiley" style="height: 1em; max-height: 1em;"> 4.35% of cir. supply 
 Allocations: – Advisors: $12.04 m – Team: $120.37 m<a href="https://twitter.com/search?q=%24INJ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$INJ</a> was… <a href="https://t.co/EYCyv4hsuC">pic.twitter.com/EYCyv4hsuC</a> 
 — Token Unlocks (@Token_Unlocks) <a href="https://twitter.com/Token_Unlocks/status/1743868794744017211?ref_src=twsrc%5Etfw">January 7, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This milestone in Injective’s journey signals a significant shift from its initial distribution phase to a more dynamic market environment. The crypto community and investors keenly watch how this development will influence Injective’s adoption and growth. The anticipation is high, with some predicting a bullish surge to $70 as the token unlock approaches. 
<h2 id="strong-technical-indicators-signal-strength-in-injective-s-uptrend-strong">Technical Indicators Signal Strength in Injective’s Uptrend</h2> 
Despite a recent uptrend in the market, INJ faces a significant hurdle at the $60 mark. This level is crucial for its upward momentum, with eyes set on $70 if bulls maintain control. On the flip side, a resurgence of bearish trends could see it retesting the $40 support level. The market’s sentiment remains cautiously optimistic as participants closely monitor these pivotal price points. 
Injective price shows promising signs of a bullish trend, as several key technical indicators suggest. The Moving Average Convergence Divergence (MACD) is currently in a positive zone. This bullish sentiment is further confirmed by the MACD line’s position above the signal line in the daily charts. Additionally, the MACD histogram is in the green, signaling a growing buying pressure in the market. 
<figure id="attachment_173025" aria-describedby="caption-attachment-173025" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-173025" src="https://coingape.com/wp-content/uploads/2024/01/INJUSD_2024-01-09_21-05-31.png" alt="INJ" width="1154" height="652" srcset="https://coingape.com/wp-content/uploads/2024/01/INJUSD_2024-01-09_21-05-31.png 1154w, https://coingape.com/wp-content/uploads/2024/01/INJUSD_2024-01-09_21-05-31-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/01/INJUSD_2024-01-09_21-05-31-768x434.png 768w, https://coingape.com/wp-content/uploads/2024/01/INJUSD_2024-01-09_21-05-31-150x85.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-173025" class="wp-caption-text">
 INJ/USD daily price chart, Source:<a rel="nofollow" href="https://www.tradingview.com/x/0fAS5ho6/"> Tradingview</a>
 </figcaption>
</figure> 
The Relative Strength Index (RSI) adds to the positive outlook for Injective. The RSI stands at a bullish $59.55, well above the neutral 50-level, indicating that buying pressure is still robust. This is supported by the moving averages, with both the 50-day and 200-day moving averages trending above the current price. This alignment suggests a strong and sustained uptrend for INJ, hinting at potential gains if the trend continues. 
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles</h3> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/what-next-for-injective-inj-price-after-a-60-weekly-surge/">What’s Next For Injective (INJ ) Price After A 60% Weekly Surge?</a></li> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/markets/crypto-price-prediction-today-january-6-tia-akt-sei/">Crypto Price Prediction For January 6: TIA, AKT, SEI</a></li> 
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/btc-price-prediction-as-bitcoin-halving-100-day-countdown/">BTC Price Prediction As Bitcoin Halving 100-Day Countdown Begins</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/injective-price-prediction-dissecting-inj-bullish-outlook-to-70-as-token-unlock-beckons/">Injective Price Prediction: Dissecting INJ Bullish Outlook To $70 As Token Unlock Beckons</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Injective Price Prediction: Dissecting INJ Bullish Outlook To $70 As Token Unlock Beckons

Table of Contents

Coingape News Media

Other articles published on Jan 9, 2024

Bitcoin Ordinals Enable Classic Gaming on the Blockchain

Expectations for Bitcoin: Preparing for Significant Price Movements

SEC Silence in Ripple Case Spurs Settlement Rumours: Fred Rispoli Speaks Out!

Global Mega Bank Standard Chartered Releases Bullish Forecast For Spot Bitcoin ETFs

NFT Craze Explodes: Collectible Tokens Like ICP, STX, IMX, RNDR, THETA Soar!

Bitcoin Price Marks First-Ever “Golden Cross” During ETF Hype

Join our free newsletter for daily crypto updates!