Injective

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A widely followed crypto analyst says that one Ethereum (ETH)-based altcoin is flashing signs of bullishness against both the US dollar and Bitcoin (BTC).
Pseudonymous crypto analyst Kaleo tells his 590,200 Twitter followers that the decentralized derivatives exchange Injective (INJ) looks poised to outperform Bitcoin (INJ/BTC).

According to a chart shared by the analyst, the INJ/BTC pair appears to have successfully retested a diagonal resistance as support.
“INJ is showing solid strength vs. BTC again. I’m long here.”
Source: Kaleo/Twitter
Kaleo later updates the chart, saying that the INJ/BTC pair could briefly cool off after rallying to as high as 0.0003031 BTC ($8.23).
“INJ / BTC with a solid move so far. Wouldn’t be surprised to see a bit of accumulation here before a continuation higher.”
Source: Kaleo/Twitter
Kaleo is also keeping a close watch on INJ’s price action against the US dollar.
The popular analyst says that the pair also looks bullish after taking out its diagonal resistance and retesting it as support.
“INJ / USD chart looks great as well.”
Source: Kaleo/Twitter
 
Injective is worth $7.86 at time of writing, up 7.7% during the last 24 hours.
Injective has recently announced a number of new developments to its ecosystem, including the integration with the blockchain-scaling solution Polygon (MATIC).
“Injective launches a groundbreaking integration with [Polygon Labs] to enable true DeFi (decentralized finance) composability. For the first time, native assets from Polygon and Injective can be utilized for a diverse array of cross-chain use cases within the two ecosystems.” 
Injective also completed an upgrade to its Avalon mainnet after the proposal was approved by 99.8% of the community voters.
“The Avalon Mainnet Upgrade is complete to bring you the most performant Injective infrastructure to date:

 Robust scalability optimizations 
PoS (proof of stake) validation revamp 
Fastest block times on mainnet.” 

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Generated Image: Midjourney
The post Popular Crypto Analyst Bullish on One Ethereum-Based Altcoin, Says It’s Showing ‘Solid Strength’ appeared first on The Daily Hodl.


A widely followed crypto analyst says that one Ethereum (ETH)-based altcoin is flashing signs of bullishness against both the US dollar and Bitcoin (BTC). Pseudonymous crypto analyst Kaleo tells his 590,200 Twitter followers that the decentralized derivatives exchange Injective (INJ) looks poised...

dailyhodl.com

Popular Crypto Analyst Bullish on One Ethereum-Based Altcoin, Says It’s Showing ‘Solid Strength’

Injective Protocol, a prominent blockchain platform catering to decentralized applications (dApps), has recently gained significant attention due to the notable surge in the price of its native token, injective (INJ). Over the past week, the INJ token has experienced a remarkable growth rate of 23%. 
This surge reflects the growing market interest in the platform and underscores the utility and governance features associated with the INJ token. Serving as a dual-purpose instrument, the INJ token empowers users by offering them utility within the platform while granting them a say in shaping its future through governance mechanisms. 
What’s The Cause Of The Spike?
At the time of writing, the price of INJ stands at $7.83, experiencing a minor 0.9% decline within the day. However, over the course of the week, INJ has demonstrated a commendable increase of 23%. This surge in price is coupled with a circulating supply of $100 million, contributing to the platform’s liquidity and overall market dynamics. The positive market sentiment and a high Total Value Locked (TVL) have been identified as key factors driving the recent price boom for Injective (INJ).
Related Reading: Celsius Sets New Standard: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing
Exciting developments lie ahead for Injective as it reveals its plans to revamp its proof-of-stake (PoS) delegation mechanism through the Avalon upgrade. This upgrade will introduce an advanced system, incorporating sub-second block times and layer-1 scalability optimizations. By leveraging the Avalon upgrade, Injective (INJ) aims to enhance transaction speed and efficiency, promising a more seamless user experience on the platform.

The impressive growth of Injective (INJ) and its commitment to innovation through the Avalon upgrade position the project as a notable player in the blockchain industry. With a positive market outlook and advancements on the horizon, Injective (INJ) continues to captivate investors and enthusiasts alike.
What’s Next For Injective (INJ)?
Injective (INJ) is gearing up to revolutionize its decentralized exchange (DEX) by introducing the Avalon upgrade, which promises to deliver improved performance, scalability, and an enhanced user experience. This upgrade is expected to positively impact the price of Injective (INJ), according to analysts who suggest a potential bullish sentiment for the token.
With the Avalon upgrade, Injective (INJ) aims to elevate its DEX to new heights, offering faster and more efficient transactions. Implementing sub-second block times and layer-1 scalability optimizations is poised to attract more users to the platform and drive increased demand for the token.
Related Reading: Floki Inu Gains Momentum As Chinese E-Commerce Giant Recognizes Its Utility
The market outlook for Injective (INJ) appears promising, with analysts predicting a potential price increase. Speculations suggest that the price of INJ could reach $9.74 by the end of 2023, reflecting a bullish sentiment among investors and signaling confidence in the platform’s future growth.
As Injective (INJ) prepares to unlock the full potential of its decentralized exchange with the Avalon upgrade, traders and enthusiasts eagerly anticipate the enhanced performance and scalability it will bring. With positive market predictions, the future looks bright for Injective (INJ) as it aims to solidify its position as a leading player in the blockchain ecosystem.
-Featured image from iStock.com and charts from TradingView.com


Injective Protocol, a prominent blockchain platform catering to decentralized applications (dApps), has recently gained significant attention due to the notable surge in the price of its native token, injective (INJ). Over the past week, the INJ token has experienced a remarkable growth rate of 2...

newsbtc.com

Injective Protocol (INJ) Tallies 23% Price Surge In Past 7 Days – Here’s Why

The past seven days saw the cryptocurrency market increase, but it wasn’t something particularly considerable. Bitcoin remained rather stagnant and managed an increase of slightly more than one percent. However, there were those who exploded and led the market’s recovery. Namely, XRP. Let’s dive in.
Starting with the BTC price – it wasn’t very impressive during the last week. In fact, the primary cryptocurrency only booked an increase of slightly more than one percent and is currently unable to convincingly claim the $27K level. The week saw some volatility when BTC soared above $28K, but the buyers were unable to maintain the pressure, and sellers ultimately took over, pushing the price back to where it’s currently trading.
With Ripple’s XRP, though – it was a different story. The cryptocurrency exploded by over 11% in the past seven days. It seems that investors are starting to price in a potential victory for Ripple in the case against the Securities and Exchange Commission.
But this wasn’t even the most impressive performance of the week.
Injective (INJ) is this week’s top performer. It’s up a whopping 25% in a market that’s otherwise rather uncertain. The altcoin has been one of the best performers throughout the year.
Elsewhere, the week was also important for stablecoins. USDC launched on Arbitrum, while Tether announced that it will launch a sustainable Bitcoin mining operation in the country of Uruguay.
In an interesting bit, we also pinned the two most popular AI-based chatbots – ChatGPT and Google’s Bard – against each other. We asked both of them if Ethereum will flip Bitcoin, and their answers were quite entertaining.
It’s also worth noting that one more crypto heavyweight is considering expanding outside of the United States. Gemini is considering the UAE as a new destination as the regulatory environment in the US isn’t getting any better.
All in all, the week was relatively productive in terms of price developments, and the market seems to be moving out of its recent slumber. That said, it’s important to see how the next few weeks will turn out and if the positive sentiment will continue growing.
Market Data
Market Cap: $1,182B | 24H Vol: $36B | BTC Dominance: 44.1%
BTC: $26,922 (+1.2%) | ETH: $1,881 (+3%) | BNB: $304 (-0.6%)

What Would Happen to Bitcoin If The US Debt Ceiling Cracks (Opinion). Despite the fact that an initial deal was reached, the issues surrounding the US debt are still a growing concern among investors. Here’s a thought on what could happen to BTC if the debt ceiling cracks.
Tether to Launch Sustainable Bitcoin Mining Operations in Uruguay. Tether, the issuer of the largest stablecoin – USDT, will be launching sustainable Bitcoin mining operations in the country of Uruguay. The company announced this on May 30th.
USDC Stablecoin to Be Launched Natively on Layer 2 Scaling Solution Arbitrum. The USDC stablecoin will be launched natively on Arbitrum. The latter is a layer 2 scaling solution for Ethereum. The stablecoin will be considered the official version of USDC for the Arbitrum ecosystem.
Gemini Eyes UAE Expansion Amid US Uncertainty, Crypto.com Gets MPI License in Singapore. Gemini is also considering expansion outside of the US. In particular, the platform is looking at UAE. The reason seems to be the growing regulatory burden and uncertainty in the US.
Bitcoin Mining Difficulty Exceeds 50T for the First Time. Bitcoin’s mining difficulty achieved an all-time high. The latest difficulty adjustment happened on May 31st and added 3.4% to the total mining difficulty.
Will Ethereum Flip Bitcoin? We Put ChatGPT and Google’s Bard Against Each Other. In an interesting debate, we pinned two of the most popular AIs against each other. Here’s what ChatGPT and Google’s Bard think on whether Ethereum will flip Bitcoin.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Litecoin – click here for the complete price analysis.
The post Ripple Leads With 11% Gains, Bitcoin Struggles With $27K, Injective (INJ) Explodes: This Week’s Recap appeared first on CryptoPotato.

Ripple is the best performer from the large-cap cryptocurrencies over the past seven days, but Injective (NJ) stole the show altogether.

cryptopotato.com

Ripple Leads With 11% Gains, Bitcoin Struggles With $27K, Injective (INJ) Explodes: This Week’s Recap

The Injective (INJ) price has experienced an uptrend, resulting in price increases since yesterday, May 28. This trend indicates a positive sentiment among investors, with more buyers entering the market and increasing prices.
Meanwhile, the uncertainty around the price of the general crypto market has caused speculations about whether this momentum will continue.
Assessing The Potential For Sustained Momentum
The bullish sentiment in the INJ market has affected its price positively, resulting in an increase of 8.78% in the last 24 hours. Also, the buyers have maintained this momentum, resulting in a surge of 8.56% in the 7-day trading period. 
Related Reading: Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?
The asset’s current price sits at $7.41 as of the time of writing based on CoinMarketCap data. The assets’ 24-hour trading volume and total market cap show positive market participation with an increase of 200.36% and 9%, respectively.

INJ has maintained the uptrend movement by forming higher highs and lows. This formation indicates that INJ’s price is under bullish control, and the demand is growing rapidly.
Also, the asset trades above the trendline, which may be considered a trendline support for investors and traders. This positive sentiment may attract more investors and increase prices.
Recent Bullish Fundamentals
Recently, there have been many partnerships and initiatives around the Injective ecosystem. This has resulted in bullish sentiment and price gains for INJ.
On May 24, Injective announced the launch of the first IBN-enabled SVM Rollup with their partnership, Eclipse, on their page. This initiative will enable Solana developers seamlessly interact and build with Injective and the broader Cosmos universe.
The INJ team made this announcement on May 13, 2023, stating that anyone interacting with dApps built on INJ or L1 Chain may receive an NFT. The surprise NFT announcement boosted the bullish momentum in the market. 
Bollinger Bands & MACD Signals Bullish Momentum
The asset is currently trading above the upper band of the Bollinger Bands Indicator. This suggests a bullish movement and a potential buy signal for investors and traders.

It is important to note that an asset above the upper band implies that the price has moved to an extreme or overbought level.
In addition, the Moving Average Convergence/Divergence (MACD) is currently above the signal line suggesting a bullish sentiment. This indicates that the buying pressure outweighs the selling pressure.
The INJ price trades above the 50-day and 200-day Simple Moving Averages (SMA), indicating bullish sentiment. The price above both SMAs implies that the asset is under bullish pressure and a potential long-term bullish trend.

Also, a Demand Index reading of 0.170 suggests positive buying pressure in the market. This indicates that the buying pressure is relatively stronger than the selling pressure.
Featured image from Pixabay and chart from Tradingview


The Injective (INJ) price has experienced an uptrend, resulting in price increases since yesterday, May 28. This trend indicates a positive sentiment among investors, with more buyers entering the market and increasing prices. Meanwhile, the uncertainty around the price of the general crypto mark...

Bullish Run for Injective (INJ): Will the Momentum Continue?

Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly gainers. 
According to data from CoinMarketCap, Injective’s price gained by 19% in the last seven days boasting of a market performance only beaten by four other tokens – RNDR, AGIX, MASK, and CFX – in the entire top 100 crypto ranking. 
INJ initially began the week trading around a price region of $6.08 and soon recorded consecutive gains and losses before experiencing a price hike on May 17 to hit a market price of $6.7
Following this price boost, INJ showed signs of consolidation for the next two days before starting its current bullish run.


NFT Surprise Announcement Boosts INJ Price 

Interestingly, the price rally by INJ in the last week appears to be due to an exciting announcement made by the project developers six days ago.
On May 13, the team behind the Injective blockchain tweeted a statement urging the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.”

It might be a good idea to interact with dApps built on Injective or the L1 chain itself.
Make a transfer, trade on a dex built on Injective, bridge assets, stake INJ, etc.
Who knows there might be an NFT related surprise in the works 
— Injective  (@Injective_) May 13, 2023

This announcement sparked much excitement within the Injective community, which has been represented not just in price but also in the network activity. 
According to a tweet by @Iryna_Everstake, blockchain manager at network validator service Everstake pool, the Injective blockchain recorded a substantial increase in several network parameters over the last week as follows – +688K INJ staked, +470 delegators, +130 new wallets, and +295M in cumulative trading volume. 

The Injective community seems to be following the advice to interact w/ dApps or the chain itself to get ready for an upcoming NFT-related surprise@Injective_ stats over the last 5 days: +688K $INJ staked, +470 delegators, +130 new wallets, +295M in cumulative trading volume  pic.twitter.com/N9z9aWw5aQ
— Iryna | Everstake  (@iryna_everstake) May 19, 2023

At the time of writing, INJ is trading around $7.0, having gone up 4.73% in the last day. However, it is worth noting that INJ is down by 13.8% from its value as of a month ago. That said, with a circulating supply of 80 million tokens, INJ has a stunning market cap value of $563.7 million.





Altcoins End The Week With Massive Whale Movement
Asides from INJ’s impressive performance this week, another talking point for most investors was the unexpected big altcoin transactions that capped off the work week. According to the on-chain analytics platform Santiment, some mid and low-market cap assets recorded whale activity to the tune of eight-figure transactions.


Of these many assets, MTL, POWR, AERGO, and DIAA recorded the biggest transactions, which were $37.89M, $30.74M, $30.23M, and $18.92M, respectively.  That said, Santiment stated that when small assets such as these record such high transactions, they could be up to something and thus are worth investors’ attention.



Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest wee...

Injective price	$7.94
Low - High 24H	$7.80 - $8.10
Market cap	$635.29M
Volume 24H	$43.16M
All time high	$24.89 -68.01% April 30th 2021
All time low	$0.657401 1111.25% November 3rd 2020
Genesis date	N/A

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