This comes amid the general market downturn, which caused the token’s price to close at an all-time low of $0.22 during Monday’s trading session. 

Pyth Record New Lows on Multiple Fronts

According to Santiment’s data, PYTH’s open interest reached an all-time high of $113 million on March 17. It has since experienced fluctuations, hitting both lower highs lows and lower highs.

However, Monday’s widespread losses in the cryptocurrency market led many PYTH derivatives traders to close their positions, causing open interest to plummet to a record low of $19 million.

Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled. When it drops, traders are closing their positions and exiting the market without opening new ones. 

Further, due to PYTH’s double-digit price decline over the past week, several long positions have been liquidated. According to Coinglass, PYTH’s long liquidations have exceeded $1.8 million over the past seven days. 

Read more: What Is a Blockchain Oracle? An Introductory Guide

As expected, market sentiment has shifted to negative as traders have demanded more short positions since the beginning of August. This means more traders are buying PYTH and expecting a price decline than those accumulating the altcoin in hopes of selling high.

PYTH Price Prediction: Will Price Revisit the All-Time Low?

The same bearish bias trails the altcoin in its spot market. Highlighting the decline in demand, PYTH’s Relative Strength Index (RS), as assessed on a daily chart, is below the 50-neutral line at 40.35 as of this writing. 

An asset’s RSI measures its overbought and oversold market conditions. At 40.35, PYTH’s RSI indicates that selling pressure exceeds buying activity.

Further, the altcoin’s Chaikin Money Flow (CMF), which tracks how money flows into and out of its market, is below the zero line at -0.01. A CMF value is a sign of market weakness, as it indicates liquidity exit. It is a popular precursor to a sustained price decline.

PYTH’s price risks revisiting its all-time low of $0.22 if demand remains low and capital outflow persists. However, if bullish sentiment grows, the token’s price may rally toward a 30-day high of $0.44.

The post Pyth Network (PYTH) Open Interest and Price Fall to All-Time Low appeared first on BeInCrypto.

However, futures traders have moved on quickly from the infamous day, according to recent data. This analysis explains the reason for this change and what to expect from BONK.

Bonk Leveraged Traders Pivot to Bullish Positions

One indicator that gives a clear picture of traders’ position is the Funding Rate. This indicator is the cost of holding an open perpetual position in the market and also acts as a barometer of investors’ expectations.

When the Funding Rate is positive, longs (buyers) pay shorts (sellers) a fee, and the average expectation is bullish. In contrast, negative funding means shorts pay longs while expecting a price decrease.

From the image below, traders aligned with short positions during the earlier downturn. But at press time, BONK’s price has increased beyond previous levels. As a result, Funding has turned positive, indicating that traders in the futures market are hoping to profit from the continued price increase.

Read more: 11 Top Solana Meme Coins to Watch in August 2024

To be crystal clear, if the BONK price continues to increase as funding stays positive, traders will get more rewards for their positions. However, that will only be the case if buying pressure in the spot market remains at a heightened level.

However, futures traders are not the only ones with a changed view of the meme coin. According to Santiment, the Weighted Sentiment around Bonk has left the negative region and is now positive.

Weighted Sentiment uses social volume to measure the perception of a crypto project in the market. If the reading is negative, it means that comments online are mostly gloomy. However, a positive rating like it with BONK indicates a rise in optimistic discussions.

BONK Price Prediction: Bullish Pattern Continues

While BONK trades at $0.000021, the daily chart shows that it has formed a cup and handle pattern. This formation is a bullish continuation pattern and appears when a cryptocurrency has undergone a downtrend, recovery, and another downturn amid consolidation.

However, confirmation of the bullish continuation occurs when the price breaks out of the downtrend, as seen in the BONK chart below. If buying pressure increases, the price of BONK may climb to $0.000025 in the coming days.

A successful breach of this level could send the meme coin toward the upper resistance situated at $0.000029. However, traders may need to watch as the Relative Strength Index (RSI), which measures momentum, is yet to cross the neutral line.

Read more: Best Upcoming Airdrops in 2024

Once the RSI does, the bullish thesis may be confirmed, and the value of BONK can increase exponentially. However, failure to surpass the 50.00 midpoint could leave the token hanging between $0.000019 and $0.000021.

The post BONK Traders Change Positions as Price Aims to Reclaim $0.000025 appeared first on BeInCrypto.

However, what follows this crash is the bigger question, as many are considering this a bottom and expecting a recovery. Is this a bottom, though?

Bitcoin Indicators Send Mixed Signals

Bitcoin’s price falling to an intra-day low of $48,974 on Monday got many thinking that the only way from here would be up, and that could be the case as well. Two major indicators, the first of which is the NVT Signal, are signaling a bottom at the moment.

The Network Value to Transaction (NVT) signal is used to assess the relationship between a cryptocurrency’s market capitalization and the volume of transactions on its network. Differing slightly from the NVT ratio, this indicator measures market cap against the 90-day moving average of daily transaction volume.

Generally, the indicator falling below 45 is considered an oversold condition and signals a bottom. However, at the moment, the signal is falling through the uptrend line by 23.2% in a week. This invalidated the uptrend line and also signaled a bottom, as the indicator is noting an uptick at the moment.

Read More: Bitcoin Halving History: Everything You Need To Know

Another crucial signal is the Bitcoin Bull-Bear Market Cycle indicator, which does not signal an explicit bottom. As its name suggests, the indicator is used to assess the momentum building in the market. 

Since late January 2023, the indicator has been exhibiting a bull market of varying intensities. However, for the first time since December 2021, the indicator is noting a bear market. This shows that bullishness has subsided, and bearishness is dominating the market.

BTC Price Prediction: Marking Its Presence

Bitcoin’s price is the second major indicator signaling a bottom as BTC closed above the bottom trend line of the broadening descending wedge at $54,000. This pattern has been consistently validated since early March and suggests a 21% rise upon breakout above $70,000.

While the intra-day low is $48,974, the recovery shows that BTC bottomed out to recover to the $54,000 mark. However, this pattern has also yet to be successful, and if the bullishness falters, the consolidation within the pattern could continue.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

This could extend Bitcoin’s oscillation between $68,000 or $70,000 and $54,000. As a result, the bullish thesis could be invalidated, and the possibility of a new all-time high diminishes.

The post 3 Indicators Suggest That Bitcoin Bottomed at $49,000 appeared first on BeInCrypto.

However, as the coin attempts to reach this landmark, it finds itself at a critical juncture that could either confirm or nullify the prediction.

Crucial Test Ahead for Binance Coin

According to the liquidation heatmap, a high concentration of liquidity is located at $520.65, and another one is at $463.23. In simple terms, the heatmap spots price levels where large-scale liquidations may occur.

As more liquidity enters a price range, the colors change from purple to yellow. Typically, when there is high liquidity at a level, the price tends to move in that direction either as support or resistance.

On the upside, BNB’s price may increase to $520 if buying pressure increases. However, rejection, as the price moves upwards, could see the coin draw down to $463.23.

Read more: How To Buy BNB and Everything You Need To Know

However, a look at the Chaikin Money Flow (CMF) shows that the price trend favors an upswing. CMF shows whether a cryptocurrency is experiencing net accumulation or distribution.

Using a volume-weighted approach, accumulation is higher than distribution if the reading is above the zero line. A negative rating indicates that market participants are distributing more than they are accumulating.  

As seen below, the CMF on BNB’s daily chart is 0.04, indicating that investors have accumulated a higher volume than those that have distributed it. 

Should this continue, BNB’s price may be able to retest $500 and probably near $520 in the coming days.

BNB Price Prediction: Dynamics Favor Consolidation

According to the daily chart, bears seized control of the BNB price from July 31 up until August 5. However, bulls have countered the steep 31% correction with aggressive buying, leading to a notable recovery.

Despite the bullish potential, the Moving Average Convergence Divergence (MACD) remains in the negative region. The MACD measures momentum and helps traders spot price trends, exit, and entry levels/

If the reading is positive, momentum can be termed bullish and could drive a continuous upswing. This negative divergence between the MACD and BNB’s price suggests that the uptrend is not strong. If this remains the case, BNB could keep swinging sideways and probably trade between $478.60 and $490.

Read more: Binance Coin (BNB) Price Prediction 2024/2025/2030

However, a surge in buying pressure could change things and give the coin the upper hand in reaching the overhead resistance positioned at $524.60. Meanwhile, another flash crash could see the coin price drop as low as $404.30.

The post Binance Coin (BNB) Price Caught in Crucial Area Amid Liquidity Rush appeared first on BeInCrypto.

The changing market trends are now exhibiting a longer delay in the arrival of the altcoin season as Bitcoin’s dominance grows.

Bitcoin’s Dominance Is Breaking Out

The arrival of an Altcoin Season highly depends on Bitcoin’s domination (BTC.D), which is moving in the opposite direction from what’s expected. Following the recent decline of the crypto market, BTC’s dominance grew immensely.

As a result, it broke out of the symmetrical triangle it had been moving in for the last three months. A symmetrical triangle pattern forms when price action converges between upward and downward trendlines, creating a narrowing range. Once the pattern completes, it indicates a potential breakout direction.

The pattern suggests a 4.33% increase in Bitcoin’s domination following the breakout, and by the looks of it, BTC is making it happen. As of date, BTC.D has grown to 57.07% from 55.49% and could hit 57.90% if these conditions persist.

Read More: 12 Best Altcoin Exchanges for Crypto Trading in July 2024

Generally, when the market declines, Bitcoin’s domination grows. Since most altcoins follow BTC’s cues, the crypto king’s drawdown affects the crypto market directly. According to an exclusive comment to BeInCrypto from Julio Moreno, Head of Research at Cryptoquant, this could take place again.

“Bitcoin prices are again hovering at key support levels, with risks of this correction extending further according to valuation metrics. The MVRV ratio has fallen below its 365-day moving average, a condition that in previous cycles has signaled an extension of the price decline (COVID crash in March 2020 and May 2021) or the start of a bear market (November 2021). Investors should monitor these valuation metrics to assess the possibility of a price bounce or a further correction,” Moreno told BeInCrypto.

This signals an extended delay in the arrival of Altcoin Season.

The Suffering Continues

According to the Altcoin Season index, the market is currently witnessing a Bitcoin season. For this to change, at least 75%, i.e., 38 of the top 50 altcoins, excluding stablecoins, would need to outperform BTC over the last season (90 days).

This is far from happening since, at the moment, only 5 of the top 50 crypto assets have been in the green over the past season. The rest, 90% of the cryptocurrencies, are bearing losses.

Read More: Which Are the Best Altcoins To Invest in July 2024?

Thus, at present, let alone in an altseason, recovery from altcoins is a matter of concern. Consequently, August will most likely not witness an Altcoin Season.

The post Altcoin Season Delay Extends as Bitcoin’s Dominance Rises to 57% appeared first on BeInCrypto.

This happened despite the extended decline in the value of Bone ShibaSwap (BONE), the token used to pay transaction fees on the network. BONE’s value has cratered by over 11% in the last month, but this has not done much to attract users to the L2.

Shibarium Fails To Keep its Users

Shibarium is an L2 blockchain built on top of the Ethereum network and designed to improve the Shiba Inu ecosystem. According to data from Shibariumscan, user activity on the L2 has been steadily declining in the past few days. 

On Monday, the daily count of unique addresses that completed at least one transaction on Shibarium totaled 321, marking the network’s monthly low. This decline began after the network’s active address count climbed to 1,898 on August 1. 

Further, new demand for Shibarium has also decreased. On Tuesday, only six new addresses were created on the network, a 98% drop from the 361 new addresses that used Shibarium on August 1. 

Read more: Shiba Inu — A Beginner’s Guide

Due to the fall in new accounts on the network, the number of new transactions also dropped. On Tuesday, this totaled 2,440, declining by 39% from the 4,006 new transactions recorded the previous day. 

SHIB Price Prediction: Whales Begin to Take Their Leave

As the broader market grapples with a downturn, SHIB whales have reduced their holdings. This can be gleaned from the 67% decline in the meme coin’s large holders’ netflow over the past seven days.

Large holders are whale addresses that hold over 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the the coins they buy and the amount they sell over a specific period.

When an asset’s large holder netflow declines, its whales are selling their tokens. This is a bearish signal that may prompt retail traders also to distribute their holdings, putting more downward pressure on the coin’s price. 

If SHIB whales continue to sell, its price may plunge to $0.000010.

Read more: 12 Best Shiba Inu (SHIB) Wallets in 2024

However, if selling pressure reduces and buying activity gains momentum, the bearish thesis above will be invalidated as the meme coin’s value will rise to $0.000018.

The post Shiba Inu’s Layer-2 Faces Decline in User Activity: SHIB Price Impact appeared first on BeInCrypto.

Currently trading at $4.59, DOT now faces a steep climb back above the $5 mark.

Polkadot Faces Headwinds as It Attempts to Reclaim $5

DOT’s key technical indicators assessed on a one-day chart suggest that a break above the $5 price mark might be challenging as selling pressure gains momentum. 

As of this writing, readings from DOT’s Directional Movement Index (DMI) show its negative directional indicator (-DI) (red) resting above its positive directional indicator (+DI) (blue)

An asset’s DMI measures the strength and direction of its market trend. The downtrend is strong when the +DI line is below the -DI line. This means that sellers have more control over the market than buyers. 

The greater the distance between the -DI and the +DI, the stronger the downward momentum. In DOT’s case, the downtrend is significant as the -DI line is 40.69, while the +DI line is 6.20.

Further, DOT’s Average Directional Index (ADX) (yellow) is in an uptrend at 43.37. Generally, when an asset’s ADX is rising while the -DI is above the +DI, it indicates that the downward trend is strong and likely to continue.

At press time, DOT trades below its 20-day exponential moving average (EMA) (yellow) and its 50-day small moving average (SMA) (blue).

An asset’s 20-day EMA is a short-term moving average that reacts quickly to price changes. It reflects the average closing price of an asset over the past 20 days. On the other hand, its 50-day SMA is a longer-term moving average that measures its average closing price over the past 50 days.

Read more: What Is Polkadot (DOT)?

When an asset trades below these key moving averages, it is a bearish signal. It means that short-term and medium-term traders are selling the asset, leading to sustained downtrend pressure.

DOT Price Prediction: A Rally Above These Averages Is Important

DOT’s 20-day EMA and 50-day SMA may act as resistance levels. If it tries to rally above them, it may face selling pressure around these averages and resume its downtrend. If this happens, DOT’s price may fall to the nine-month low of $3.59, which it traded at on Monday.

Read more: Polkadot (DOT) Price Prediction 2024/2025/2030

However, if the coin initiates an uptrend and breaks above these moving averages, its price target will be $6.76.

The post Polkadot (DOT) Struggles to Break $5 Due to Market Pressures appeared first on BeInCrypto.

This decline intensified during Monday’s general market downturn, with the altcoin falling to its lowest value since November 2023. Although IMX has seen a slight uptick in the past 24 hours, daily traders still grapple with losses.

Immutable X’s Traders Count Their Losses

The broader market rebound has led to a 3% uptick in IMX’s price over the past 24 hours. Despite this, its day traders continue to record losses. 

An assessment of the latest data for IMX’s Active Addresses by Profitability has revealed that 167 addresses comprising 37% of the altcoin’s daily active addresses are “out of the money.”

An address is considered out of the money if an asset’s current market price is lower than the average cost at which the address purchased (or received) the tokens it currently holds.

Conversely, only 23 addresses, representing 5% of its daily active addresses, have seen profits on their transactions. 

Interestingly, 58.24% of IMX’s daily active addresses are “at the money.” This means that the average purchase price of these addresses is equal to the altcoin’s current market price. Essentially, these addresses have broken even on their investment and have made neither profit nor losses. 

For traders looking to trade against the market, IMX’s market value to realized value (MVRV) ratio has flashed a buying opportunity. This metric returns negative values when assessed over different moving averages. According to Santiment, IMX’s 30-day and 90-day MVRV ratios are -11.13 and -37.78, respectively.

Read More: What is ImmutableX (IMX)?

This metric measures the ratio between an asset’s current market price and the average price of its coins or tokens in circulation. 

An MVRV ratio below zero means the asset’s current market value is lower than the average purchase price of all its tokens in circulation. When this occurs, the asset is said to be undervalued.

Historically, this presents a good buying opportunity as the asset trades at a lower price, and traders can buy low and hope to sell high.

IMX Price Prediction: Token Lingers Within a Bearish Channel

Although IMX’s MVRV ratio has flashed a buy signal, it is key to note that the altcoin still trades within a descending channel. This channel is a bearish signal formed when an asset’s price consistently moves lower, creating a series of lower highs and lower lows. 

If IMX continues to trend within this channel, its price might fall to $0.92 and aim for the lower line, which currently forms support at $0.67.

However, if the trend corrects and IMX sees an uptrend, its price may rally toward $1.58.

The post Immutable X (IMX) Daily Traders Face Losses Amid Rebound Attempt appeared first on BeInCrypto.

Here is a look at the details and the potential consequences of the sale.

Another Big Sale At the Expense of Ethereum

According to Spot On Chain, Jump Trading unstaked 11,500 ETH worth $29 million from Lido Finance. Moments later, on-chain data showed that it had transferred all the coins to a centralized exchange.

The transfer of previously locked assets to exchanges is a sign that a market participant wants to sell. The firm has also applied to redeem over 14,000 ETH valued at over $48 million.

Once this happens, there is a high chance that it will lead to another sale, potentially putting downward pressure on ETH’s price. In total, Jump Trading could sell around $80 million worth of Ethereum.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

However, this is not the first time that the firm has been involved in a sale recently. On August 5, Jump Trading sold ETH worth over $231 million.

Regarding this development, another on-chain data portal, EmberCN, shared details about Jump Trading’s other activities.

“Jump Trading is responsible for unpacking the ETH redemption address and transferring the 11,500 ETH ($28.9 million) redeemed on 8/4 to the address responsible for distributing and transferring the ETH to CEX. Continue to transfer 16,210 wstETH ($47.92 million) from the address storing wstETH to the address responsible for unpacking and redeeming ETH and continue to apply for redemption. The address storing wstETH still has 21,394 wstETH ($63.33 million) waiting for subsequent redemption and transfer,” the post revealed.

At press time, ETH price trades at $2,544, representing a 3.10% increase in the last 24 hours. However, this anticipated sale could halt the cryptocurrency’s recovery and, instead, add to the 23.49% seven-day decrease.

ETH Price Prediction: Is  $2,600 Next?

While the anticipated sell could drive ETH’s price down, data from IntoTheBlock shows underlying support that could resist the pressure. This is evident from the In/Out of Money Around Price (IOMAP).

Put simply, the IOMAP classifies addresses based on those in profit, in loss, and at breakeven point. This classification helps to spot support, resistance, and price levels where a crypto price may reach.

Typically, if there is a higher number of addresses out of the money, the price range acts as resistance. However, a higher number of addresses in the money provides stronger support.  

As shown in the chart below, $1.32 million addresses purchased ETH at an average price of $2,384. 

Read more: Ethereum Restaking: What Is It And How Does It Work?

Conversely, 1.18 million bought the altcoin at an average price of $2,538 are out of the money.  Going by the laws stated above, Ethereum’s price may be able to surpass the $2,500 region. If successful, the next level for ETH to reach could be around $2,645.

However, this prediction may not come to pass if ETH faces another round of selling pressure. The price may also drop if more staked tokens are released into circulation. If this happens, the cryptocurrency’s value may drop to $2,421.

The post Jump Trading Could Sell $80 Million in Ethereum appeared first on BeInCrypto.

The market cap of the 10-day-old token, which surpassed $100 million within a short period, is now approaching $300 million. This on-chain analysis dives into the factors responsible for the immense growth and what could be next. 

Neiro Community Unfazed, Sticking to HODLing

BeInCrypto finds that the cryptocurrency has been able to sustain the hike due to the rise in the balance of addresses. 

According to Santiment, addresses holding 10,000 to 1 million tokens have added to their holdings despite a few drawdowns before the recent milestone. Typically, an increase in a cryptocurrency’s balance, especially from large investors, serves as a sign of conviction in its short—to long-term potential. 

Therefore, it seems that several whales in the market believe that NEIRO on ETH is not just a “pump and dump” meme coin. Instead, the sentiment shown by their actions tilts toward the belief that the token could replicate the longevity similar to the top meme coins in the market.

However, it is worth noting that Ethereum co-founder Vitalik Buterin does not share this sentiment. This is because Buterin sold all of the 4% supply the Neiro Ethereum team airdropped to him on August 5.

Despite the controversial circumstances under which this occurred, the NEIRO on ETH community appears to be sticking to the script of HODLing. Meanwhile, NEIRO’s daily on-chain transaction volume in profit seems to support the possibility of a higher price.

This metric tracks the number of tokens involved in transactions that resulted in realized profits. When this number increases, cryptocurrency holders sell, which could put downward pressure on the price.

But for NEIRO, the daily on-chain transaction volume in profit, as of today, is lower than the past four days. If this remains the same, NEIRO’s price may not feel the negative impact of increased profit-booking. 

NEIRO Price Prediction: Can It Reach $0.30?

Based on the 4-hour chart, NEIRO seems ready to hit new highs as long as it experiences increasing upward momentum. The Awesome Oscillator (AO) is one indicator supporting this bias.

The AO is a technical analysis tool that measures momentum by comparing the difference between the 34-period and 5-period Simple Moving Average (SMA). This difference results in a histogram that shows whether momentum is bullish or bearish.

At press time, the AO on NEIRO’s chart is above the zero line, indicating that momentum is bullish. If sustained, this could help NEIRO’s price trade higher in the short term, possibly surpassing the $0.28 to $0.30 levels.

However, if the number of addresses holding the token decreases or profit-taking jumps, this prediction may be invalidated. If that is the case, NEIRO’s price could drop to $0.24.

In the meantime, SlumDOGE Millionaire, a trader who was one of the biggest gainers of Dogecoin’s (DOGE) 2021 bull run, says that he bought into the NEIRO on ETH instead of the one on Solana.

Before concluding, the trader gave some reasons, saying that the meme coin held strongly during Monday’s broader market crash. Other ground mentioned includes the Dogecoin narrative, and its strong community. 

“This NEIRO is the new DOGE. It is literally and figuratively and will carry the torch that the original DOGECOIN sparked.” SlumDOGE Millionaire opined.

The post NEIRO on ETH Hits New All-Time High, Supported by ‘Diamond Hands’ appeared first on BeInCrypto.

The altcoin’s decline was worsened by Monday’s market downturn, causing its price to plunge to a five-month low, a level it now risks revisiting.

Jupiter Bears Have the Upper Hand

At press time, JUP trades at $0.88. The broad market recovery since Tuesday has driven JUP’s price up nearly 10% in the past 24 hours. However, the 44% decline in its trading volume indicates a negative divergence.

When this divergence emerges, it indicates that the buying momentum backing the price surge is weak. Therefore, JUP’s rally might be said to have mirrored the general market rebound and not been due to significant demand from its holders. 

Moreover, key momentum indicators observed on a daily chart confirm that JUP’s downtrend is strong. For example, its Aroon Down Line is 85.71% as of this writing.  An asset’s Aroon indicator measures its trend strength and identifies potential price reversal points.

When the Down Line is at or close to 100%, the downtrend is very strong. It signals that the asset’s price has consistently made new lows, showing a clear downward momentum.

Further, according to readings from JUP’s Directional Movement Index (DMI), its negative directional indicator (-DI) (red) currently rests above its positive directional indicator (+DI) (blue), confirming the strong bearish bias against the altcoin. 

Read More: Top 9 Safest Crypto Exchanges in 2024

This indicator measures an asset’s trend strength. When the -DI lies above the +DI, it signals that selling pressure outweighs the demand for an asset. 

JUP Price Prediction: Short Traders Ravage Market

In its futures market, JUP traders have primarily demanded short positions since the beginning of August, as evidenced by its negative funding rates. At press time, the token’s funding rate is -0.0048%.

When an asset’s aggregated funding rate across cryptocurrency exchanges is negative, it means more traders are buying the asset, expecting a decline, than those buying in anticipation of a rally.

This is a bearish signal because it reflects traders’ expectation that prices will decrease as they are willing to pay to maintain their short positions.

If JUP maintains its downtrend, its next price target is $0.65, a 26% fall from its current value.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

However, if market sentiment shifts and an uptrend ensues, the altcoin may rally to $0.93.

The post Jupiter (JUP) Downtrend Intensifies, Potential Drop to Multi-Month Lows appeared first on BeInCrypto.

Buy signals are flashing across the market. However, the question remains whether now is the right time to invest.

Injective Exhibit Positive Cues

Injective’s price is slowly attempting to reclaim the profits it lost in the last couple of days. Signs of this happening are also coming from the Relative Strength Index (RSI). RSI recently entered the oversold zone for the first time in four months, indicating a potential for price recovery. 

Now, the RSI has shown an uptick in the oversold territory. This shift suggests that strong buying momentum is driving the price, setting the stage for possible upward movement. 

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

Moreover, the price DAA (Divergence Accumulation Analysis) is flashing a buy signal for INJ. This signal is reinforced by a significant increase in market participation, which often precedes positive price action and reflects growing investor interest.

The surge in participation highlights a growing confidence among investors, which is crucial for sustaining price gains. As more investors engage on the network, the potential for a continued price recovery strengthens.

The current indicators suggest that the price is likely to benefit from continued investor enthusiasm and momentum. However, this would be sustained only when the Injective’s price manages to breach a key resistance.

INJ Price Prediction: Clearing Barriers

The Injective’s price at $16.2 is bouncing back after nearly hitting the eight-month low of $14.1. The last time INJ was around this price was December 2023. Thus, it is important for the altcoin to first breach and flip the resistance at $18.5 into support.

Doing so would provide the necessary boost to initiate a sustainable recovery. A bounce off the $18.5 support coupled with potential accumulation could send INJ rallying towards $28.0.

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

Breaching this resistance is important to secure the rise, as in the past, a failed breach has erased gains, sending the altcoin back to $18.5. If the same were to happen again, the bullish thesis would be invalidated, as Injective’s price could drop to $18.5.

The post Buy Signal Emerges as Injective’s (INJ) Price Hits December 2023 Lows appeared first on BeInCrypto.