- Injective crypto launched its own hackathon in May, 2023.
- INJ price is trading at 7.47 with a gain of 1.74% during the intraday session.
- The year-to-date return of INJ price is 489.40% and the three-month 10.95%.
The Injective crypto platform performed well at the beginning of 2023. The system launched its hackathon in May; it will assist in securing broader attention in the crypto market.
Injective is a fully decentralized exchange protocol designed to serve as a place to buy, sell, and trade crypto. Injective comes with a vision to create an accessible and inclusive decentralized financial ecosystem where traders can perform fast transactions with zero gas fees.
Injective (INJ/USDT) price has been marching with a bullish dominance in the market since the start of 2023, surging by approximately 690% within 4 months. During this period, it has experienced an upward trendline, while creating a series of higher highs and lows.
INJ has been performing better despite the market norms. The coin broke the previous $9 mark in April. The news of the transition of the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges has shaken the whole crypto industry.
On June 15, it dropped to $5.46. Since then, It has recovered, and presently INJ’s price is competing for $10.
Injective price exhibits high market volatility. For each hike, there is a pullback; hence, the coin has provided good swing opportunities for traders. However, the current market cap is $623,392,015, with a
Will INJ Price Achieve Psycological Level $10?
The injective protocol’s price is currently hovering above the 20, 50, 100, and 200-day EMAs, indicating decent bullishness in the market. If the bullish strength is sustained, the price might surge towards the physiological level of $10.
The Relative Strength Index (RSI) is at 58.79, indicating buyers’ heavy involvement in the market. Moreover, The CMF is at 0.06, denoting slight strength in the market.
Conclusion
The market performance reflects that 2023 is a bullish year for INJ crypto, according to the year-to-date and three-month returns of 489.90% and 10.95%, respectively. The price melted down after forming a yearly high, but now it is surging with pragmatic growth. Technical and analyst ratings suggest that at least the token will continue the bullish trend for the next few months.
Technical Levels
Major resistance: $9.92803 and $9.92180
Major support: $1.24858 and $2.44877
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.