Injective (INJ) and Verasity (VRA) Prices Experience Corrections: Elite Analyst Shares Whether It’s the Right Time to Enter
Injective ($INJ) has seen a dramatic decline in its price performance against Bitcoin this year. According to Michaël van de Poppe, a prominent crypto analyst and trader, $INJ has fallen by 70% against Bitcoin since its peak in December 2023.
Poppe mentioned that the hype surrounding Injective has faded away, and the token’s price has suffered as a result. While Bitcoin has experienced a 70% increase since December 2023, $INJ has seen a 40% decrease in value. This stark contrast in performance highlights the importance of portfolio rotation and the need to avoid becoming overly attached to a single cryptocurrency.
Van de Poppe emphasizes that investors should never “marry” their bags and instead focus on rotating their holdings into Bitcoin to accumulate more of the leading cryptocurrency.
Despite the significant decline, the analyst believes that the current price level of $INJ presents an attractive area for a long position, suggesting that the token may be poised for a potential rebound.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Verasity ($VRA) Undergoes Full Retracement, Support Levels Hold Key to Recovery
Verasity ($VRA), a platform for video content creators and advertisers, has also experienced a correction in its price. According to Van de Poppe, $VRA is undergoing a full retracement, which he notes is relatively common for altcoins at this stage of the market cycle.
Despite the decline, the analyst points out that $VRA is currently trading at an important area of support. This support level has held in the past, and Van de Poppe expects it to do the same in the current situation. He believes that most of the pain has already been experienced, suggesting that the worst of the correction may be over for $VRA.
Also read: Do Dogwifhat (WIF) and Meme Coins Face a New Competitor? This Low-Cap Gem Surged 20,000%
The ability of the support level to hold will be crucial for $VRA’s potential recovery. If the support remains intact, it could provide a foundation for the token to bounce back and begin a new upward trend. However, a breach of the support level could trigger additional downside pressure and prolong the correction period.
The stark contrast in performance between Bitcoin and altcoins like Injective ($INJ) and Verasity ($VRA) underscores the importance of portfolio rotation and risk management in the crypto market. As Van de Poppe advises, investors should avoid becoming emotionally attached to a single cryptocurrency and instead focus on rotating their holdings into Bitcoin to maximize their gains.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
