- The Injective price has witnessed a surge in its trading volume in the last 24 hours.
- The INJ crypto is trading at 4500% above its all-time low price.
Injective, founded by Eric Chen and Albert Chon in 2018, is a blockchain for finance, utilizing the Cosmos SDK and Tendermint proof-of-stake for fast, cross-chain transactions.
It offers robust modules, including a decentralized order book, enabling sophisticated decentralized applications and unrestricted access to financial markets and tools for efficient capital allocation.
![INJ](https://themarketperiodical.com/wp-content/uploads/2024/06/image-180.png)
The price volatility of the Injective crypto is high at 6.78%, as per Coincodex. That shows chances of uncertain spikes in the price.
When writing, the crypto’s market cap has advanced by 7.0% in the last 24 hours. This has resulted in a market cap value of $2.836B, which makes Injective the 36th largest cryptocurrency in the global crypto market.
The value of the traded volume for the crypto has also advanced by 44%, which supports the rise in the crypto price. It shows that the traders and investors in the crypto are buyers.
Injective also has excellent liquidity based on its market cap, as 11.91% of the crypto market cap has been traded in the last 24 hours. Moreover, the top 10% of the holders hold 87.82% of the crypto supply.
Injective Crypto Derivatives Data Analysis
Slightly higher short liquidation in the Injective is recorded compared to the longs liquidated in the last 24 hours.
![INJ](https://themarketperiodical.com/wp-content/uploads/2024/06/image-181-1024x199.png)
Looking further into the derivatives volume activity, the trading volume activity has started to advance over the last few days.
Additionally, the crypto has witnessed a surge of 19% in its derivatives in the last 24 hours, resulting in a traded value of $932.55M. The open interest in the crypto has also advanced by 9.3%, showing a surge in the crypto’s open positions.
INJ Crypto Technical Analysis
The INJ cryptocurrency price is currently encountering resistance at a critical level on the daily chart. This resistance has proven significant, but if INJ can break through and sustain above this level, it could trigger a further surge in its price.
![INJ](https://themarketperiodical.com/wp-content/uploads/2024/06/image-183-1024x456.png)
Analyzing the INJ crypto daily price chart, we observe that the price has declined by 45% from its swing high of $52.949. Currently, INJ is finding support at lower levels, indicating a potential for stabilization.
To ignite a bullish momentum, INJ must break above this resistance zone and maintain its position above it. Achieving this breakout could attract more investors and traders, increase buying activity, and drive the price higher.
INJ/USD Chart by TradingView
The INJ cryptocurrency price has recently advanced above both the 50-day and 200-day EMAs. Despite this positive movement, the EMAs are still positioned in a death cross, indicating a need for caution.
Further technical indicators provide a bullish outlook. The MACD and the signal line have broken into positive territory, forming a bullish cross. Bullish histograms accompany this positive crossover on the chart.
Additionally, the RSI is exhibiting bullish behavior. The RSI has broken above the 14-day SMA and sustained a position above the 50 level, indicating buyers’ dominance in the market.
Summary
The INJ cryptocurrency has shown bullish momentum, trading 4500% above its all-time low and advancing above the 50-day and 200-day EMAs.
With increased trading volume, a bullish MACD crossover, and an RSI above 50, the crypto is poised for potential further gains if it breaks current resistance levels.
The support levels for the INJ crypto are $20.0 and $24.0, followed by the resistance levels of $36.50 and $52.0.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.