The current state of active addresses for Injective (INJ) reveals that 83% of holders are at the break-even point, hinting at potential optimism for a price rebound. Following a decline in March, the number of active addresses for INJ has been on the rise.

The cryptocurrency's EMA lines suggest a consolidation phase after a recent correction. This consolidation, along with the increase in active addresses, signals a possible upward trend in the market. Despite a previous drop in price, INJ has shown a 5% increase in value in the past week, indicating signs of recovery from the previous consolidation period.

Furthermore, the surge in daily active addresses from 509 to 755 between March 24th and 28th reflects a renewed interest in INJ. This uptick in active addresses could potentially lead to a trend reversal, boosting demand for INJ and supporting its price recovery.

On the 4-hour chart, INJ's EMAs appear to be converging around the current price, hinting at a compressed market. While short-term lines below long-term lines may suggest a bearish outlook, the overall increase in active addresses and signs of price recovery indicate a positive sentiment towards INJ's future trajectory.

The original post can be found on COINTURK NEWS.