📈Today, I want to analyze the Injective(INJ) project for you, which has increased in price by more than ➕100% in the last 30 days and touches a new All-Time High(ATH).
🧐The question now is whether this increase will continue or whether Injective(INJ) needs a resting price/time.
💡What Is Injective Protocol (INJ)❗️❓
🔸Injective is a blockchain built for finance. It is an open, interoperable layer-one blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols and more.
🔸Injective uniquely provides powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain orderbook. In addition, all forms of financial markets, such as spot, perpetual, futures, and options are fully on-chain. The decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non-AVM chains such as Solana.
💡Let's look at the Reasons for the increase in Injective(INJ).
👉The trading volume for the coin has risen 81.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.55%. This brings the circulating supply to 84.26 million, which makes up an estimated 84.26% of its max supply of 100.00 million.
👉The Volan Upgrade, allowing decentralized apps to be built using inEVM and inSVM on Injective. This paves the way for an influx of new dApps.
👉No tokens have launched on Injective yet. The first token launches will generate hype, especially with only ~2,000 active Injective users.
👉Many DeFi projects are still in testnet. Their mainnet launches will likely bring swathes of new users seeking arbitrage, yield farming, and airdrops.
👉Confirmed upcoming airdrops are also boosting user growth in anticipation of free token rewards.
👉The integration with Kujira brings the KUJI token to the Injective ecosystem. As Wacy notes, KUJI has seen significant price rises recently, so this pairing can enhance both chains.
📉So it seems that the Injective(INJ) project is in good condition according to the above explanations in terms of fundamentals and news; now, let's take a look at the technical analysis of the INJ chart in the 1-hour time frame.
🏃♂️Injective(INJ), the main bullish movement, continues through the Ascending Channel (🔵Blue🔵) in the daily time frame.
🏃♂️Currently, Injective(INJ) has managed to break the 🔴Resistance zone($25.30-$19.80)🔴/(Currently, this zone has become a 🟢Support zone🟢) and is moving in the Ascending Channel(⚫️Black⚫️) in the 1-hour time frame.
🌊According to the theory of Elliot waves, it seems that the Injective(INJ) inside the ascending channel is completing its five impulsive waves so that wave 3 is extended.
📈It is better to take a look at the INJBTC chart before making a decision.
💡In recent week, INJBTC has formed an excellent bullish engulfing candle so far, and in the weekly time frame, the Inverse Head and Shoulders pattern is clearly visible. Also, INJBTC is moving in an ascending channel, which is currently near the upper line of this channel, and I expect INJBTC to take time to rest and reach the lower line of the horizontally ascending channel. Then, it will follow one of the two scenarios below.👇
🔔As a result, according to my explanation, I expect wave 5 to finish near the Important Resistance line, 🟡Price Reversal Zone(PRZ)🟡, and the upper line of the ascending channel, and then the Injective(INJ) will fall(➖30%) to the 🟢Support zone($25.30-$19.80)🟢 after breaking the lower line of the ascending channel, so if you are looking to buy the INJ token It looks like you have to wait.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Injective Analyze (INJUSDT), 1-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
🧐The question now is whether this increase will continue or whether Injective(INJ) needs a resting price/time.
💡What Is Injective Protocol (INJ)❗️❓
🔸Injective is a blockchain built for finance. It is an open, interoperable layer-one blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols and more.
🔸Injective uniquely provides powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain orderbook. In addition, all forms of financial markets, such as spot, perpetual, futures, and options are fully on-chain. The decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non-AVM chains such as Solana.
💡Let's look at the Reasons for the increase in Injective(INJ).
👉The trading volume for the coin has risen 81.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.55%. This brings the circulating supply to 84.26 million, which makes up an estimated 84.26% of its max supply of 100.00 million.
👉The Volan Upgrade, allowing decentralized apps to be built using inEVM and inSVM on Injective. This paves the way for an influx of new dApps.
👉No tokens have launched on Injective yet. The first token launches will generate hype, especially with only ~2,000 active Injective users.
👉Many DeFi projects are still in testnet. Their mainnet launches will likely bring swathes of new users seeking arbitrage, yield farming, and airdrops.
👉Confirmed upcoming airdrops are also boosting user growth in anticipation of free token rewards.
👉The integration with Kujira brings the KUJI token to the Injective ecosystem. As Wacy notes, KUJI has seen significant price rises recently, so this pairing can enhance both chains.
📉So it seems that the Injective(INJ) project is in good condition according to the above explanations in terms of fundamentals and news; now, let's take a look at the technical analysis of the INJ chart in the 1-hour time frame.
🏃♂️Injective(INJ), the main bullish movement, continues through the Ascending Channel (🔵Blue🔵) in the daily time frame.
🏃♂️Currently, Injective(INJ) has managed to break the 🔴Resistance zone($25.30-$19.80)🔴/(Currently, this zone has become a 🟢Support zone🟢) and is moving in the Ascending Channel(⚫️Black⚫️) in the 1-hour time frame.
🌊According to the theory of Elliot waves, it seems that the Injective(INJ) inside the ascending channel is completing its five impulsive waves so that wave 3 is extended.
📈It is better to take a look at the INJBTC chart before making a decision.
💡In recent week, INJBTC has formed an excellent bullish engulfing candle so far, and in the weekly time frame, the Inverse Head and Shoulders pattern is clearly visible. Also, INJBTC is moving in an ascending channel, which is currently near the upper line of this channel, and I expect INJBTC to take time to rest and reach the lower line of the horizontally ascending channel. Then, it will follow one of the two scenarios below.👇
🔔As a result, according to my explanation, I expect wave 5 to finish near the Important Resistance line, 🟡Price Reversal Zone(PRZ)🟡, and the upper line of the ascending channel, and then the Injective(INJ) will fall(➖30%) to the 🟢Support zone($25.30-$19.80)🟢 after breaking the lower line of the ascending channel, so if you are looking to buy the INJ token It looks like you have to wait.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Injective Analyze (INJUSDT), 1-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Comment:
Injective(INJ) seems to have broken the lower line of the ascending channel.
Trade closed manually:
I made this position Risk Free, we have to wait to see if the upper line of the ascending channel can resist the increase of INJ.