Will INJ Token Price See A Surge To $10 In The Near Future?

Injective protocol is a blockchain platform built for Defi applications, derivative exchanges, prediction markets, lending protocol and more. The protocol has a powerful infrastructure and has a fully decentralized MEV resistant on chain order books. They also provide a next generation highly interoperable smart contract platform for their users. Injective ecosystem has over 100+ projects and 150k+ community members. It has been growing exponentially and many are speculating a strong rise.

Injective protocol has seen an exponential surge in the total address over time. The total number of transactions over the network has been seeing a steady surge. Meanwhile, the weekly active users of the protocol are seeing a weak surge and are near 600 average transactions. INJ token has a total supply of 100,000,000 in which the circulating supply is around 83% of the total supply.

Injective Protocol has a market cap of $578 Million and is ranked 58th in the CoinMarketcap. INJ token has seen a surge of 21% in volume in the last 24 hours. Volume to market cap ratio of the asset price suggests a consolidated trend in price.

Is INJ Price Preparing For $10 Mark?

Injective token price is currently observing a weak consolidated trend in the weekly technical chart. On the daily chart, it is trading near the value of $7 with a small gain in the intraday session. The upside trend of the INJ token price can see a halt near the value of $8. Meanwhile, the support of the asset price can be seen near $5. The asset price is currently trading below the 50 and 100 Daily Moving Average with an upcoming negative crossover. If the price jumps above the DMA then a strong bullish momentum can be seen in the future.

The RSI of INJ is near the value of 40 suggesting its presence in the oversold zone. The overall sentiment of the indicator is neutral.

Summary

Injective protocol is observing a strong growth in the TVL and address. The daily active users and transactions of the protocol is however in a stagnation. INJ coin price is currently in a consolidated mode and can see a new high in the future.

Technical Levels

Major Support:$5

Major Resistance: $8

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.