Injective, a layer 1 blockchain, has announced the integration of Pyth with the mainnet, which may introduce upgrades for dApps. The move should allow decentralized applications (dApps) to access on-chain data from Pyth about hundreds of markets. The markets may span over to equities, commodities, foreign exchange pairs, and crypto. Injective disclosed the integration to be the first for the Cosmos IBC ecosystem. It will also position Injective as the first IBC-enabled chain to aggregate Pyth data through Wormhole.
The Pictorial
INJ price forms a bullish pennant pattern which may soon witness a breakout. The converging trend lines, created due to lower highs and higher lows, can provide dynamic support to the bullish price action. The temporary price drop pushes the INJ price below the 20-EMA, with the rest of the EMA ribbon being formed underneath the price. The Bollinger Bands contract to display a steady price movement. The trading volume shows a contained interest in Injective. The upward-sloping OBV portrays a favourable market for the projected bullish breakout.
INJ price displays a bullish momentum, as the Super Trends show a prevailing uptrend. The CCI drops slightly below the zero mark to mark the temporary negative gap between current prices and historical prices. The MACD forms a negative cross and records ascending seller bars. The RSI falls to 50-range and marks a neutral market for Injective, which awaits a breakout.
The Peephole
In the smaller time frame, INJ price indicates a falling trend, reaching to take support near the rising support trend line. The Super Trends show a temporary downtrend that can transform into a bullish swing. The CCI shows a contracting price difference between historical prices and INJ prices at press time. The MACD fails to form a distinct cross and marks an ambiguous rule for Injective. The RSI moves sideways near the 45-range and displays a neutral market.
Conclusion
Injective announced a mainnet integration with Pyth which can bring a bullish swing to INJ price near the breakout. The projected breakout can aim to reach beyond $10.00. The short-term drop can test the rising support line and bounce to surge. The holder of INJ can rely on support near $45.50.
Technical levels
Support levels: $45.50 and $37.65
Resistance levels: $56.45 and $59.40
