Cryptocurrency analyst CryptoBusy has recently pointed out Injective (INJ) noting its current standing and its possible further development. In the recent X post, the analyst pointed out that INJ’s future is still unpredictable, implying that uncertainties surround the growing move.
The analyst observed that at the time of this analysis, INJ is trading 62% below its all-time high and has been involved in a bear phase for more than 140 days. However, indicators such as ongoing development and enormous growth could be considered as a sign of a possible comeback in 2024.
Injective (INJ) Trapped in Bearish Wedge
The Injective has been constricted by the bearish falling wedge for more than 140 days, which traders consider a bullish pattern. The prolonged trend has put INJ 62% below its all-time high putting the token in a critical demand area. Analysts are particularly keen on how INJ is going to fare in this stage, which can be critical over short periods.
Source: Chart by CryptoBusy
Still, the unbelievable market and competition were not a problem for the Injective development team continued to work hard. CryptoBusy noted that the developers are building Injective all the time, which may be crucial for maintaining the constant demand for it. Also, there is a gradual increase in the Injective community that can be a key to further demand and changes in the price of the token.
CryptoBusy’s analysis led to a discussion among people who engage in cryptocurrency trading and investments. Several gave their expectations of the price of INJ in 2024. This could be interpreted as a change in sentiment, as some futures traders might be willing to hold INJ in the future, regardless of the bear market.
Injective’s ability to overcome such difficulties and maintain a dynamic development and an active community could become one of the leaders in the market of 2024. A combination of technical analysis and continuous project development means that INJ is still at a critical stage, and if the market situation changes positively, the token may experience a reversal.
In the next few months, traders and analysts would keep keen eyes on Injective and its prices as sentiments around this new platform are witnessed on the market normally. The circumstances indicate that 2021 may become the crucial year for INJ, as many people in the crypto community await the progress of the token.
