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Home»TRADING NEWS»Why Whale’s $24.8 million INJ purchase is important
TRADING NEWS

Why Whale’s $24.8 million INJ purchase is important

By Crypto FlexsApril 4, 20242 Mins Read
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Why Whale’s .8 million INJ purchase is important
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Injective (INJ) price is attempting to recover after hitting a monthly low above the $35 support line.

Crypto whales are likely to be a catalyst for a recovery given their recent massive INJ accumulation.

Cryptocurrency Whale Support Recovery

The price of the injectable drug is currently trading at $34 after a correction of more than 16% in the past week. Over the same period, network activity has increased, as evidenced by daily active addresses (DAAs).

If the price falls and DAA rises, the market sends a buy signal. This is the case for Injective, as the altcoin gave a buy signal last week.

Injection price DAA divergence. Source: Santiment

This signal appears to have been picked up by a crypto whale. These companies took full advantage of the price drop, adding more than 740,000 INJ during the day. These $24.8 million worth of INJ brought the cryptocurrency whale address supply to 10.69 million INJ.

It is worth noting that cryptocurrency whales are known to have a huge impact on prices. Prices rise during accumulation periods and fall during selling periods.

Given the recent buildup, this is likely to impact INJ as well.

Read more: Top 9 Web3 projects that are revolutionizing the industry

Injection whale accumulation.
Injection whale accumulation. Source: Santiment

Injection Price Forecast

The price of the injection has almost broken the $35 resistance level. Breaking this barrier and turning it into support could allow for a recovery, potentially sending INJ towards $40.

injection price chart
Injection price chart. Source: TradingView

However, if resistance is not broken and altcoins witness bearish market signals, INJ could fall to $30. Breaking out of this support will invalidate the bullish argument and lead to a drop to $28.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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