Injective (INJ) Price to Recover After Hitting 2024 Lows

While Injective’s (INJ) price may not be the worst performer, it managed to mark a new bearish achievement in the last 24 hours.

The altcoin hit a new year-to-date low, declining to $21.3, but could see a comeback.

Injective Investors Appear Optimistic 

The Injective’s price could recover in the coming days as INJ holders are exhibiting bullishness at the moment. The first indication of this comes from the decline in active deposits. This metric measures the total number of unique addresses that move assets from their wallets to the exchanges.

Generally, a spike in the active deposits results in the asset witnessing a surge in short-term selling pressure. However, a deposit dip indicates that investors opt to hold on to their supply instead of selling it.

Injective Active Deposits. Source: Santiment

This aids the cryptocurrency in noting a recovery.

In addition to this, the Mean Coin Age is also observing an uptick. Mean coin age refers to the average age of all coins in circulation within a cryptocurrency network. It’s a metric used to gauge the overall activity and maturity of the coin supply.

Read More: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Injective Mean Coin Age. Source: Santiment

Downticks in this metric are a sign of INJ moving within addresses, while an uptick suggests that the sentiment of HODLing is dominant. Injective investors will likely avoid selling their assets, making price recovery much quicker.

INJ Price Prediction: $28 Is the Target

At the time of writing, Injective’s price is $23.9, after bouncing back from $21.3. This is the lowest price INJ has been at since the beginning of the year. However, the bearish cues that had been driving the price down are seemingly disappearing.

This would enable Injective’s price to note a recovery over the next few trading sessions, bringing it closer to the recovery target of $28.0. This price aligns with the 200-day Exponential Moving Average (EMA).

Read More: 9 Cryptocurrencies Offering the Highest Staking Yields (APY) in 2024

Injective Price Analysis. Source: TradingView

Flipping it into support would enable further recovery and mark a 20% rise.

However, if the bearish cues gain dominance again, the altcoin could dip again. A fall below $21.3 would invalidate the bullish thesis and form a new year-to-date low for INJ.