With Bitcoin reclaiming the $43,000 mark, a swift recovery process began across the altcoin market. INJ Coin left behind the $32 mark with a rise of over 20% and continued its ascent towards the peak. The new dollar target for INJ Coin is a subject of curiosity.
Before the opening of the US stock markets, while the BTC price fell below $43,000, INJ Coin maintained its double-digit gains. INJ’s price increase reached an all-time high, and while most other cryptocurrencies could not return to their 2022 peaks, INJ investors were fortunate.
The rally, which gained momentum by breaking above the horizontal resistance area in October, brought the gains to 2360% in 2023. The RSI still sends bullish signals, and investor risk appetite is strong. If BTC doesn’t stay above $43,000 for too long, new peaks could be possible.
According to Santiment data, three major whales accumulated about 7 million INJ Coins in the last 90 days. Whales, predicting that the rise will continue and increasing demand, turned out to be quite profitable during the process. Popular crypto analyst PaoloG wrote that the INJ Coin price increase will continue for a long time and will place it among the top 10 cryptocurrencies.
INJ Coin’s supply situation, which gives a sense of scarcity with more than half of the 84 million circulating supply staked, supports the rally. According to Elliot wave counting, INJ Coin’s price is in the last phase of a five-wave movement and has the potential to see an even larger peak. The target could likely be $40.