Injective's INJ token experienced sideways movement recently but hints at a potential bullish turn, reflecting positive indicators amidst an imminent 100% token unlock.
While INJ's price remained relatively stable, indications suggest a potential shift towards a bullish pattern in its price chart. This pattern, notably highlighted by crypto analyst Captain Faibik, signals a possible bullish flag formation that could trigger a rally, propelling INJ's price considerably higher.
Following a surge in INJ's price and subsequent correction, the token managed only a modest 1% increase in the last 24 hours. Presently trading at $37.41, INJ holds a market capitalization exceeding $3.1 billion, positioning itself as the 27th largest cryptocurrency.
Despite the potential bullish pattern, current market indicators portray a bearish sentiment. The Relative Strength Index (RSI), Money Flow Index (MFI), and Chaikin Money Flow (CMF) all exhibit downward trends, suggesting increased probabilities of a price decline or consolidation.
The upcoming unlocking of 100% of INJ's total supply on January 21, 2023, might impact social metrics positively. This event, disclosed by Token Unlocks, will release 3.66 million INJ tokens, potentially influencing social dominance and weighted sentiment. These metrics currently reflect a bullish sentiment prevailing in the market and a decline in supply on exchanges, hinting at increased investor interest in INJ.
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