The post Injective Price Records New High! Will INJ Price Hit New ATH Soon? appeared first on Coinpedia Fintech News
Despite the crypto industry recording a significant correction in value with a drop of almost 4% within the past 24 hours, the INJ price has displayed a massive jump of over 18% in value, resulting in the price recording a new yearly high.
The prime reason for the ongoing rally is assumed to be the latest update in the blockchain which has attracted a large number of new investors in the market.
The INJ price was trading in a closed range between $12.672 and $13.735 for a while, following which the price regained momentum and broke out of the resistance level. The Injective price then jumped 12% before facing rejection at $15.
TradingView: INJ/USDT
After multiple attempts, the price successfully broke out and jumped over 20%, following which it faced rejection at $17.8. The price then traded sideways in a consolidated range between $16.343 and $18.523 for a week. After this, the bulls lost momentum, resulting in a breakdown.
The INJ price then traded in a closed range between $15 and $16.343 for a while. The bulls gained just enough momentum to break out of the range and trade in a consolidated range between $16.343 and $18.523 for two weeks.
Recently, the price broke out of its key resistance level at $18.523, but the rally was short-lived as the bulls faced rejection at $19.843. After trading sideways for days, the price jumped over 15% in value resulting in the price jumping to a new yearly high.
Will INJ Price Go Back Up?
The Moving Average Convergence Divergence (MACD) displays a significant rise in the histogram, indicating an increased buying pressure in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days.
If the bulls push the price above its resistance level of $23.226, the INJ price will regain momentum and prepare to test its upper resistance level of $25.006 this week. Maintaining the price at that level will set the stage for Injective to attempt to test its resistance level of $27 in the coming week.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level at $21.053. Moreover, if the bears continue to dominate the market, the price will plunge further and test its lower support level of $18.523 this month.

Increased activity in Solana’s NFT markets and decentralized applications are pushing SOL price back toward year-to-date highs.

Solana’s native token, SOL SOL tickers down $61, made significant gains of 5.5% on Nov. 28, trading at $58. This increase followed a retest of the $54 support level on Nov. 27. While some attribute SOL’s rise to the broader cryptocurrency market’s performance amid a deteriorating macroeconomic environment, the Solana network and its ecosystem have also played a crucial role in driving the price upswing.

On Nov. 28, the U.S. Dollar Index (DXY), which measures the strength of the U.S. dollar against major fiat currencies, hit a three-month low. Investors are increasingly betting that the U.S. Federal Reserve will cease raising interest rates, exerting downward pressure on the domestic currency. This sentiment has led fixed-income investors to seek higher yields abroad, resulting in selling pressure on the U.S. dollar.

Additionally, the price of gold surged by 1.5% to $2,043, reaching a six-month high, as U.S. Treasury yields declined. With the Fed signaling a forthcoming decline in interest rates, fixed-income investments are expected to yield lower returns. This has created an environment conducive to risk-taking and hedging positions, especially if inflation remains above the long-term target of 2%, favoring both gold and cryptocurrencies.
Solana’s gains can be explained by its competitive advantage
SOL’s momentum has surged, particularly as Solana competes with Ethereum, which has been grappling with high transaction fees averaging above $7 per transaction over the past two weeks. In contrast, the average non-voting transaction on Solana costs only $0.003, making it a more favorable choice for various applications, including gaming, social networks, gambling, nonfungible token (NFT) launches and collectibles.

During the past seven days, Solana saw a 10% increase in active addresses and a 9% rise in decentralized application (DApp) volume, while Ethereum faced a 21% decrease in volume. Additionally, the second-ranking BNB Chain experienced a 2% drop in volume. As a result, Solana emerged as the top-performing blockchain among the top 10 in terms of DApp activity gains.

Furthermore, Solana’s NFT activity surged by 35% in the past week, amounting to $24.5 million in sales, as reported by CryptoSlam. Despite the overall decline of 34% in global NFT volumes across all blockchains, Solana witnessed a 90% increase in the number of unique buyers during the same period. Notable highlights among Solana’s NFT markets included the Mad Lads, Tensorians and Claynosaurz collections.
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Today, we will explore these stages and discuss strategies for maximizing your gains.

Leading Narrative and Popular Cryptocurrencies:
For instance, during the Bitcoin pump, we often see rise in other large cap cryptocurrencies like Ether and Solana.
Back in 2017, Layer Ones and Ethereum competitors were the leading narrative like Iota. EOS. NEO, and similar. In 2020, DeFi or Decentralized Finance during Defi Summer was the leading narrative where cryptocurrencies like Uniswap, AVA Synthetics and similar popped off like crazy.
These cryptocurrencies benefit from the increased interest and attention that Bitcoin brings to the market. So, if you're looking for solid investment options, keeping an eye on the leading narrative can be a great strategy.
But speculating on mid and small cap cryptocurrencies can potentially yield higher returns. By analyzing market trends and investor sentiment, you can make more informed decisions about when to enter and exit positions.
However, it's important to remember that speculating on risky cryptocurrencies comes with a higher chance of volatility and losses.

The Rise of Crypto Gaming:
While interoperability is speculated to be a key driver of adoption this bull run, #cryptogaming is also starting to gain traction. The gaming industry has always been a lucrative market, and now with the integration of blockchain technology, it offers even more opportunities for investors

Platforms like Engine and Gala are paving the way for the future of gaming, allowing players to earn and trade valuable in-game assets. This compelling narrative has the potential for significant gains.
However that doesn't mean that these are going to surge in the market and trade these things.
As with any investment, it's crucial to educate yourself and build knowledge in the crypto space. So a simple and easy strategy we can use to gamble and speculate on these extremely risky cryptocurrencies and is to only invest what you're willing to potentially lose.
Additionally, responsible investing means taking responsibility for your own decisions and conducting thorough research.

So Now, Let's look at the 7 Gaming Gamble Coins:
$ENJ : Enjin is a platform and ecosystem that supports a wide array of projects like gaming. Metaverse, virtual reality, augmented reality, collectibles, digital fashion and esports.

$GALA : Gala's mission is to make blockchain games people will actually want to play, putting fun first by using simple game mechanics that all players can enjoy.$IMX : Immutable X postures itself as the first layer two solution for nets on Ethereum where users experience zero gas fees.

Immutable is now sitting at $1.49 and is down 85% percent from its all-time high of $9.52 back in November of 2021.

#Illuvium : Illuvium is an open world exploration play to earn game built on Ethereum. This is a graphically rich sci-fi adventure game with its own NFT ecosystem featuring creatures, land materials, and other collectibles with the zero gas fees and instant transactions.

Bullish for this potential gaming narrative that may take off. Now Alluvium is sitting at $103 and it's down 96% from its all-time high of $2868 back in November of 2021.

#pyrusdt : Vulcan Forged is an ecosystem featuring play to earn fantasy games, the ability to earn their lava token and nets trade on their NFT marketplace, and much much more.

It's an NFT game studio and decentralized application incubator.
#PYR is sitting at around $6.5 and it's down 87% from its all-time high of $49.74

Ultra: Ultra postures itself as the first entertainment platform providing a variety of gaming industry services all in one place, you can discover, buy and play games, watch live streaming feeds, interact with players and influencers, participate in contests, compete in tournaments, and much, much more think of it as the blockchain version of Steam.

UOS is now sitting at $0.19 with a market cap of $67 million and it's down 92% from its all-time high of 2.49 dollars.|

Each of these projects offers unique features and has the potential for significant growth.
Whether you choose to focus on Bitcoin, large cap cryptocurrencies, or mid/small cap cryptocurrencies, it's essential to stay updated on the leading narrative and market trends.
Additionally, exploring opportunities in crypto gaming can lead to exciting gains.
However, always remember to take responsibility for your own decisions and conduct thorough research before making any moves. Happy investing!
#Ultra #pyrusdt #IMX #GALA #EnjinCoin

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Monthly Rewards Bonus: Driving Success
In addition to daily rewards, FincoFX AI also offers monthly reward bonuses to further enhance the financial success of its users. This bonus is a testament to the platform's commitment to providing sustainable and long-term value to its members. The monthly reward bonus is calculated based on a variety of factors, including the user's investment performance, engagement with the platform, and overall contribution to the FincoFX AI community.
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In the dynamic world of investing, where markets can be unpredictable and returns uncertain, FincoFX AI emerges as an icon of financial stability. At the center of its attraction is the unprecedented Daily Rewards Program, a feature that changes the landscape of wealth-building by providing users with a reliable path to consistent financial growth.

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Bitcoin's current price sits at $37,765, showing consistent upward movement in the past two weeks.
However, a concerning sign called bearish divergence on the chart suggests a potential significant drop in Bitcoin's value.
Despite the rising prices, big investors (whales) are still holding onto their Bitcoin, indicating that a sell-off might not happen immediately. This gives Bitcoin some time before a possible crash.
Earlier this month, the excitement around the potential approval of spot Bitcoin ETFs boosted Bitcoin's value. However, when the Securities and Exchange Commission (SEC) delayed the approval, the positive momentum weakened. Despite this setback, Bitcoin still experienced some support from large investors, but signs now point to a likely reversal in this upward trend.
Analyzing the situation, while Bitcoin's price appears to be on a consistent rise, the Relative Strength Index (RSI) tells a different story. The RSI shows lower lows, creating what is known as bearish divergence. This indicates that the positive momentum supporting the price increase is diminishing.
As a result, the ongoing price surge may come to a halt, and Bitcoin could experience a correction to validate the bearish divergence. This correction could lead to a drop in Bitcoin's price, testing support levels at $36,833 and $33,901. There's a considerable risk of further decline to $31,507, and if that support is breached, Bitcoin might fall to a crucial psychological support level of $30,000. However, reaching this point could trigger renewed interest and investment, potentially pushing the price back up.

However, if the bullishness does not wane and investors attempt to pump the price again, BTC could rise further and invalidate the bearish thesis by charting a rise to $38,000 and beyond.
Bitcoin still has some time before a crash
The bearish divergence would be confirmed once the price falls, but the chances of that happening immediately are not very high. Looking at the Market Value to Realized Value (MVRV) ratio, one can note that, at the moment, the indicator is at 3.4%. 
Since the indicator is used to assess the average profit/loss of investors who purchase an asset, the 30-day MVRV ratio measures the average profit/loss of investors who purchased an asset in the past month. 
This means that investors who purchased BTC in the past month are sitting at 3.4% profit. This amount is not enough to induce profit booking, which would cause a sell-off at the hands of the investors. 
Investors are likely to sell their holdings to realize profits when MVRV hits 6.7% to 16.8%. BTC has undergone major corrections when this happened; hence, this area is termed a danger zone.

Furthermore, the whale addresses holding 1,000 to 10,000 BTC are still accumulating, adding nearly 60,000 BTC in the past week. This $2.26 billion worth of purchase has brought their total holding to 4.73 million BTC.

Thus until the profits hit the saturation level and investors are convinced selling for profit is the better option, Bitcoin price has time. After that, a decline is inevitable.
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