Amid intense market selling, Injective’s monetization addresses reach 97%! Will INJ prices continue to rise?
As the second week of cryptocurrency trading begins, the market has dashed the optimistic hopes of traders after delivering notable surges over the past few weeks. Major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana’s SOL, along with other major altcoins, were hit by weak volatility and fell. Despite the massive long-term liquidation, Injective experienced a notable surge instead of falling like others, suggesting further upside is possible.
No addresses are lost
Over the past 24 hours, the cryptocurrency market has witnessed liquidations totaling close to $400 million, with Bitcoin losing 10% of its value and hitting a low of close to $40,000. Despite this, altcoins including Avax and Injective have shown surprising gains. The price of the injectable drug has soared by about 22% so far.
According to data from Coinglass, INJ saw significant selling totaling $2.3 million. The sale included the liquidation of nearly $1.3 million in bearish positions. As a result, resistance levels have weakened and no addresses are currently suffering losses.
The number of profitable addresses has increased significantly since INJ surged to a 2.5-year high, according to IntoTheBlock. Currently, 20.3 thousand addresses, or 97% of all addresses, are profitable. Surprisingly, no holder suffered a loss and the remaining 3% of addresses neither profited nor lost.
Current trends suggest an optimistic outlook for INJ prices as holders can accumulate more to maximize returns on their investments. However, today’s $1 million liquidation by early holders poses a bearish risk to INJ’s upward trajectory.
It is often observed that a decline in the value of Bitcoin can cause altcoin market caps to rise as investors continue to shift their focus to major altcoins to generate profits. Conversely, a rise in Bitcoin prices could bring back short-term investors and bring about a slight correction in the altcoin market.
What’s next for INJ pricing?
The injection price found resistance near $24, but the bulls held their positions against the bears. This shows that bulls still dominate the market. The INJ price is currently trading at $22.8, up more than 21% from yesterday.
Bulls are expected to continue their efforts to push the price towards the upper resistance level of $25. At this price point, bears are expected to engage in aggressive selling. Additionally, if RSI is overbought, it is a sign that there is a risk of a correction or sideways move in the near term. If INJ breaks above ATH, further gains are possible in the coming weeks.
On the downside, the first support level is the 20-day EMA. A violation of this support level could lead INJ price to test the important support at $17. The next support level is quite low at $14, so we expect buyers to defend this level aggressively.