The price of injective (INJ) saw a 24.12% in the last seven days, outperforming bitcoin (BTC) and other established tokens as it tears higher. The recent activation of the Avalon upgrade on the mainnet may have played a role in fueling INJ’s rally.
INJ beating the bears
Injective (INJ) protocol, renowned for its decentralized derivatives trading exchange, has recently implemented the highly anticipated Avalon upgrade on its mainnet.
The development has continued to spark a remarkable rally for INJ, the protocol’s native token. Since breaking through the previous support level at $7, INJ has consistently remained above this threshold, effectively transforming it into a solid support zone.
This newfound strength has helped INJ, enabling it to weather market turbulence and continue its upward trajectory.
At press time, the price of INJ stands at $7.94, reflecting an 8.43% increase in the last 24 hours and a 24.12% surge over the past seven days. With a circulating supply of 80 million INJ, the market cap of Injective has soared to $634,572,484
INJ has support levels ranging from $7.30 to $7, with the strongest support lying at $6.54. Conversely, resistance levels may be at $9.20 to $9.80.
Based on the daily timeframe, the RSI value of 72 indicates that INJ might be overbought. This implies that the price has shown considerable upward momentum, potentially leading to an overvaluation.
However, it does not guarantee an immediate reversal but rather suggests a possible slowdown in the upward trend and the likelihood of a pullback or sideways movement shortly.
Injective protocol continues to push the boundaries of decentralized finance (DeFi) with its innovative approach to derivatives trading.
The platform believes that its decentralized infrastructure eliminates the shortcomings associated with traditional exchanges, allowing for fairer and more transparent trading practices.
Ogwu Osaemezu Emmanuel
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