Injective (INJ) Records 2023’s Top Crypto Performer With a Surge of 450%

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Injective (INJ) Records 2023's Top Crypto Performer With a Surge of 450%
  • Injective Protocol’s INJ coin soars 450% in 2023, hinting at further gains.
  • Whales accumulate INJ tokens, signaling confidence in the market.
  • Bitkumb listing fuels INJ’s surge, setting the stage for a bullish rally.

The crypto market has seen numerous contenders rise and fall, but Injective Protocol’s native coin, INJ, has taken 2023 by storm. This interoperable DeFi platform has seen an impressive 450% surge year-to-date. Even after experiencing a slight pullback from its July high of $9.92, the bullish momentum seems poised to continue.

Whales Dive into the Injective Pool

In a significant development last month, some of the richest addresses in the Injective Protocol began accumulating INJ tokens. Even as the price maintained a relatively stable range, there was a noticeable shift in INJ holdings. The supply in addresses with a balance between 10 million to 100 million tokens jumped from 74% to over 80%.

This move suggests that the major players, or “whales,” are reinforcing their positions. Typically, such whale activity can strongly indicate market sentiment, often signaling confidence to retail investors.

INJ’s Trajectory After Bitkumb Listing

Following its recent listing on Bitkumb, Thailand’s largest crypto exchange, on September 8, INJ experienced a wave of renewed interest. Over the past week, the coin has witnessed a surge in volume, indicative of its increasing popularity and global adoption. The excitement around this listing is expected to propel INJ further into the limelight.

In the backdrop of the Federal Reserve’s discussions over rate hikes, the INJ price has moved between $6.54 and $7.80 since mid-August 2023. Historically, Injective Protocol has consolidated around this significant support level. A past retest at this point led to a 70% price rally, suggesting a similar upward trajectory could be imminent.

INJ/USD Technical Analysis

Consequently, INJ bulls have driven the price from an intraday low of $6.86 to a 7-day high of $7.22 before hitting resistance. The strong buying pressure suggests a bullish breakthrough over the $7.22 resistance level might establish the next resistance level at $7.50. However, diminishing momentum and a lack of volume might lead to a consolidation period or a bearish reversal.

INJ/USD 24-hour price chart (source: CoinStats)

During the bull run, INJ’s capitalization increased by 4.68 % to $603,033,251, while its 24-hour trading volume increased by 8.90 % to $25,840,517. At press time, INJ was trading at $7.20, up 4.68% from its intraday low.

On the INJUSD 7-day price chart, the Chaikin Money Flow (CMF) rating of -0.10 indicates some selling pressure in the market. This level indicates that some investors are taking profits or exiting their holdings, contributing to the slowing pace.

Furthermore, the lack of activity might be attributed to cautious trading as investors await additional price confirmation before making any substantial changes.

INJ USD may be oversold soon, but the stochastic RSI is trending higher with a value of 9.35. This level might attract buyers searching for an opportunity to buy, alleviating some of the market’s selling pressure. A rising stochastic RSI may also indicate a probable reversal in momentum and a change toward a positive mood.

INJ/USD 7-day price chart (source: TradingView)

In conclusion, INJ’s impressive surge and whale activity signal a promising future, but cautious optimism prevails amidst market dynamics.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.