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Following a Record High of$27, Injective (INJ) Educates Investors on $30
The price of one INJ token, which is part of the Injective Protocol, has recently surpassed $27.02. But for the time being, it seems like the market is taking a breather and consolidating, with investors being cautiously optimistic but hesitant to push prices far higher. $INJ
There has been less market volatility as a result of a general decline in trading activity from its previous high. Regardless, INJ's price has jumped 12% in the past day, reaching $25 at the moment.
Since its low point in December 2022, Injective's native token has risen steadily, with a parabolic surge of more than 1,500%. Its price has exploded by more than 50% in the past 30 days. The prevailing optimistic sentiment and positive news about the ecosystem have propelled INJ higher in the past several weeks.
The trading volume of INJ increased by 40% to $508 million just yesterday. Intraday volatility is also considerable, as the price of INJ has changed by almost 15% in the past day. More volatility is on the horizon, so traders should brace themselves.
Should prices fall, $24 will provide immediate support, followed by $20 (the Fibonacci 0.382 retracement level). The 0.5 and 0.618 Fib levels provide support just below that, at $16 and $15, respectively. The stock may return to these levels before resuming its rise if INJ's climb encounters resistance.
A $65K Burn by INJ Drives Weekly Surge
For the past several days, one of the main catalysts has been Injective's weekly token burn. In the most recent one, about $65,000 worth of INJ were burned to remove them from circulation permanently.
Stakes in Injective's tokens increased significantly during the fire auction. So far, on-chain data shows that tokens staked up to about $1 billion have been recorded.
Buyers may aim for prices above $30 if the positive trend continues. Support around the $20–$18 region may be in danger if the market takes a turn for the worst and falls further.
Coincodex Injective is expected to rise in price by $27.50 this week, according to their current price estimate. Also, the Fear & Greed Index is at 67 right now, which indicates greed, and the technical indicators point to a bullish atmosphere right now.
According to historical data and the Bitcoin halving cycles, the lowest price for Injective in 2024 is projected to be $25.13 per year. In contrast, injectable medication may reach $35.49 in the coming year.
#INJ #Injective
There has been less market volatility as a result of a general decline in trading activity from its previous high. Regardless, INJ's price has jumped 12% in the past day, reaching $25 at the moment.
Since its low point in December 2022, Injective's native token has risen steadily, with a parabolic surge of more than 1,500%. Its price has exploded by more than 50% in the past 30 days. The prevailing optimistic sentiment and positive news about the ecosystem have propelled INJ higher in the past several weeks.
The trading volume of INJ increased by 40% to $508 million just yesterday. Intraday volatility is also considerable, as the price of INJ has changed by almost 15% in the past day. More volatility is on the horizon, so traders should brace themselves.
Should prices fall, $24 will provide immediate support, followed by $20 (the Fibonacci 0.382 retracement level). The 0.5 and 0.618 Fib levels provide support just below that, at $16 and $15, respectively. The stock may return to these levels before resuming its rise if INJ's climb encounters resistance.
A $65K Burn by INJ Drives Weekly Surge
For the past several days, one of the main catalysts has been Injective's weekly token burn. In the most recent one, about $65,000 worth of INJ were burned to remove them from circulation permanently.
Stakes in Injective's tokens increased significantly during the fire auction. So far, on-chain data shows that tokens staked up to about $1 billion have been recorded.
Buyers may aim for prices above $30 if the positive trend continues. Support around the $20–$18 region may be in danger if the market takes a turn for the worst and falls further.
Coincodex Injective is expected to rise in price by $27.50 this week, according to their current price estimate. Also, the Fear & Greed Index is at 67 right now, which indicates greed, and the technical indicators point to a bullish atmosphere right now.
According to historical data and the Bitcoin halving cycles, the lowest price for Injective in 2024 is projected to be $25.13 per year. In contrast, injectable medication may reach $35.49 in the coming year.
#INJ #Injective
Aviso legal: Se incluyen opiniones de terceros. Esto no representa una asesoría financiera. Puede haber contenido patrocinado. Lee los TyC.
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