A Surge in INJ’s Value
Injective (INJ), a decentralized derivatives trading protocol, has seen its token skyrocket by 24.12% this week. The recent activation of the much-anticipated Avalon upgrade on the mainnet appears to have played a pivotal role in driving this exceptional performance. Notably, INJ’s rally has outshone that of Bitcoin (BTC) and other well-established tokens.
Resilient Against Market Turbulence
The recent implementation of the Avalon upgrade on the mainnet has ignited a significant rally in INJ. Since breaking past the previous support level at $7, INJ has stayed above this mark, transforming it into a solid base of support.
This new-found strength has insulated INJ against market fluctuations, allowing it to continue its upward trajectory. As of the time of writing, the price of INJ stands at $7.94, an 8.43% increase over 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 swelled to $634,572,484.
INJ’s support levels range from $7.30 to $7, with the strongest support at $6.54. In contrast, resistance levels are projected at $9.20 to $9.80.
Is INJ Overbought?
According to the daily timeframe, the RSI value of 72 might suggest that INJ is overbought. This indicates that the price has demonstrated substantial upward momentum, possibly leading to an overvaluation.
However, this does not necessarily signify an immediate reversal, but it does hint at a potential slowdown in the uptrend. It might also suggest a likelihood of a pullback or a sideways movement in the near future.
The Future of Decentralized Finance
Injective Protocol continues to revolutionize decentralized finance (DeFi) with its innovative approach to derivatives trading. The platform asserts that its decentralized infrastructure eliminates the drawbacks inherent in traditional exchanges, thus fostering fairer and more transparent trading practices.