Injective starts its day with a bang as INJ, the platform’s native token, got More than 12% in the last 24 hours. This can be attributed to the market sudden Share prices rose, supported by a market value that rose more than 6% after falling earlier this week.
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This surge is also due to Injective’s recent achievements that have generated some buzz inside and outside its community. Investors may find some value in INJ as it continues to grow and innovate.
Utila Announces Support for Injective Ecosystem
Today, Utila’s enterprise portfolio and blockchain infrastructure focus It was announced Its support for the Injective ecosystem. This move came after Utila acknowledged several features that make it attractive to itself and to the organizations that use the platform.
🚀 Exciting news: Utila now supports Injective 🌐⛓️
We are pleased to announce that Utila now supports @injection a blockchain technology designed for finance, expanding your capabilities in digital asset management.
Injective is known for its ready-to-run infrastructure, enabling… pic.twitter.com/Z64aGjIOmM
– Utila (@utila_io) August 8, 2024
“Known for its ready-to-run infrastructure, Injective enables rapid deployment of advanced functionality in applications, including decentralized trading, lending, real-world assets (RWAs), and more,” Utila said in its announcement post on X.
This will expand Injective’s user base beyond just retail investors and crypto enthusiasts. It will also help the platform grow more mature, gaining institutional-level attention by leveraging its robust network while also taking advantage of Utila’s strong security as well.
As interest in cryptocurrencies grows in traditional finance, the increased convenience of including cryptocurrencies in their portfolios will make a big difference. Got it This trend has already begun, with more and more cryptocurrency-based ETFs being announced since then.
INJ trades at an upward trend line.
Looking at the INJ chart, the token is currently at its late November 2023 high that preceded the December rally of the same year. If that happens again, investors could see huge gains in the long run as the market gears up for more activity.
However, INJ bulls are facing minor resistance at $18.02 with the candle turning red. This difficulty could slow down the upward momentum, reducing volatility as the token floats between $18.02 and $21.16. A minor pause could occur in the near term as bulls take advantage of the low volatility to gain momentum again.
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With recession fears easing along the way, optimism in traditional finance may persist with major indices like the S&P 500 and Dow Jones posting gains, carrying huge long-term upside potential. But analysts like The eighth wonder The current rally is believed to be a short squeeze because the current move is a classic squeeze: a sharp, short rise in price before a free fall follows.
If the price of major cryptocurrencies is indeed in a short squeeze, investors will inevitably feel pain in the long run.
Featured image from Facts.net, chart from TradingView