Crypto Whales Buy $24.8 Million in Injective (INJ): Price Impact

Analysis3mos agoUpdate 6086cf...
74 0

In Brief

  • Injective noted a 16% correction in the last week and now sustains above $30.
  • Crypto whales have added $24.80 million worth of INJ in a day as price fell.
  • DAA divergence for the past two days could trigger a Injective price recovery.

Injective (INJ) price is attempting a recovery after falling through the $35 support level, marking a monthly low.

Crypto whales will likely be the catalysts of the recovery, given their recent massive INJ accumulation.

Crypto Whales Support Recovery

Injective price is presently trading at $34 after correcting by over 16% in the past week. During the same duration, the network activity grew, as can be noticed in the daily active addresses (DAA).

In instances when the price falls and DAA rises, the market flashes a buy signal. This is the case with Injective as the altcoin presents a buy signal for the past week.

Crypto Whales Buy .8 Million in Injective (INJ): Price Impact
Injective Price DAA Divergence. Source: Santiment

This cue was seemingly picked up by crypto whales. These entities made the most out of the price dip, adding over 740,000 INJ in the span of a day. These $24.8 million worth of INJ brought the supply of the crypto whale addresses to 10.69 million INJ.

It is worth noting that crypto whales are known to have a massive impact on prices. During periods of accumulation, prices go up, and during bouts of selling, prices decline.

This would likely impact INJ as well, given the recent accumulation.

Read More: Top 9 Web3 Projects That Are Revolutionizing the Industry

Crypto Whales Buy .8 Million in Injective (INJ): Price Impact
Injective Whale Accumulation. Source: Santiment

Injective Price Prediction

Injective price is close to breaching the $35 resistance level. Slicing through this barrier and flipping it into support would enable a recovery, potentially sending INJ to $40.

Crypto Whales Buy .8 Million in Injective (INJ): Price Impact
Injective Price Chart. Source: TradingView

However, if the break of resistance fails and the altcoin witnesses bearish broader market cues, INJ could decline to $30. Falling through this support floor would invalidate the bullish thesis, causing a fall toward $28.

This article is sourced from the internet: Crypto Whales Buy $24.8 Million in Injective (INJ): Price Impact

Related: Bitcoin Cash (BCH) Price Holds Support at $400: Is a Steeper Correction Due?

In Brief A downtrend in sentiment hints at a looming 10% price reduction for Bitcoin Cash. Large transaction trends may foreshadow a substantial selloff, adding to the bearish pressure. The potential erosion of the $400 support level could trigger a steeper decline in BCH’s value. The recent market behavior of Bitcoin Cash (BCH) provides a textbook case study of investor sentiment and whale activity dictating the short-to-mid-term price directions. A stark increase in large transaction volumes and a significant downturn in weighted sentiment present a bearish outlook for BCH. BCH surged 73.53% in the past month. However, whales’ movement and market sentiment could indicate imminent correction. Surge in Bitcoin Cash Large Transactions: A Red Flag? The recent data on Bitcoin Cash (BCH) has highlighted a striking rise in large transactions,…


© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...