INJ Crypto Can Give Lucrative Returns in the Future: Here’s Why?

• The INJ price has been up by 4244% from its all-time low.
• Injective crypto has outperformed 78% of the top 100% crypto assets in the last 1 year.

Injective Protocol, founded by Eric Chen and Albert Chon in 2018, is a blockchain designed for finance. 

It offers developers robust modules and a decentralized order book for building applications. 

Utilizing the Cosmos SDK enables instant transaction finality and cross-chain transactions, enhancing access to decentralized financial markets and tools.

The market cap value of the INJ crypto at press time is $2.649B, which further results in a market cap dominance of 0.10%. 

Also, the volume/market cap ratio of the crypto is 7.09%, and the supply inflation of the crypto is high, resulting in 16.74%. Moreover, the current circulating supply of the crypto at press time is 93.40M INJ.

Bulls Ruling Over Derivatives of Injective Crypto

Injective has witnessed a long liquidation of $61.09K, against which the short liquidation of the crypto is much higher, resulting in $295.77K.

The open interest of the crypto has advanced by 14.5% over the last 24 hours, resulting in $120.77M. It showed the advance in the number of open positions in crypto. 

The derivatives volume of the Injective crypto has also advanced by 131% in the last 24 hours, and the long/short ratio of the crypto is 0.9904.

INJ Crypto Technical Analysis

The INJ crypto price was trading inside a falling pattern for more than 7 months, followed by the formation of the lower highs on the daily crypto chart.

INJ crypto price further broke above the falling wedge pattern on May 20, 2024, which formed a strong bullish green candle on the daily chart. 

The following behavior of the crypto shows the bulls rule the price and might continue to advance to higher levels. 

INJ/USD Chart by TradingView

A fresh death cross of the 50-day and 200-day EMA was formed on the daily crypto chart a few days ago. Despite this, the price of the INJ crypto has broken above both the given EMAs, opposing the crossover trend of the EMA.

The MACD was neutral on the daily crypto chart, and the MACD and the signal line traded in a bullish cross, while the metrics traded in negative territory. 

The RSI supports the bulls as they have advanced above the 14-day SMA and the 50-level. That shows a surge in the momentum of the crypto.

Summary

INJ crypto has surged 4244% from its all-time low and outperformed most top crypto assets over the past year. 

Despite bullish signals like breaking out of a falling wedge pattern, technical indicators show mixed results with a fresh death cross and neutral MACD, indicating potential uncertainty in future performance.

Moreover, the support levels for the INJ crypto are $15.0 and $20.10, while the resistance for the crypto is $36.40 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.