Injection price (INJ) has seen a 24.12% gain in the past seven days, outperforming bitcoin (BTC) and other tokens as it surges. The recent activation of Avalon’s mainnet upgrade may have played a role in fueling INJ’s rally.
INJ hits the bears
Injective Protocol (INJ), famous for its decentralized derivatives exchange, has implemented the highly anticipated Avalon upgrade on its mainnet.
Development has continued to spark a notable career for INJ, the protocol’s original token. Since the breach of the previous support level at $7, INJ has been consistently above this boundary, effectively turning it into a strong support area.
This newfound strength has helped INJ, enabling it to weather market turmoil and continue its upward trajectory.
At the time of publication, the price of INJ stands at $7.94, reflecting an increase of 8.43% in the past 24 hours and an increase of 24.12% over the past 7 days. With a circulating supply of 80 million INJ, the market capitalization of Injective has risen to $634,572,484.
INJ has support levels ranging from $7.30 to $7, with the strongest support located at $6.54. Conversely, the resistance levels could be at $9.20 to $9.80.
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Based on the daily timeframe, the RSI value of 72 indicates that INJ might be overbought. This means that the price has shown significant upward momentum, which could lead to an overvaluation.
However, it does not guarantee an immediate reversal but indicates a possible slowdown in the upward trend and the possibility of a pullback or sideways movement soon.
Injection Protocol continues to push the boundaries of decentralized finance (DeFi) with its innovative approach to derivatives trading.
The platform believes that its decentralized infrastructure eliminates the shortcomings associated with traditional exchanges, allowing for fairer and more transparent trading practices.
