Injective is an open, interpolable layer 1 blockchain which is built for finance and defi applications. Injective provides a more powerful financial infrastructure that developers can leverage which includes an MEV-resistant on-chain order book. They also have a decentralized cross-chain bridging infrastructure. It also has a highly interpolable smart contract platform with advanced interchain capabilities. INJ has a lightning-fast performance with a throughput of 10000 TPS. Eric Chen is the cofounder of Injective Protocol who also has vast experience in working with crypto organizations. The protocol has a block time of 1.1 seconds with a staking APR of 15%. The cumulative volume of the INJ has seen a strong rise in the past few months. There are various Dapps built on the Injective protocol which can grow more in the future. The weekly active user of the INJ has been seeing a decline as per Dune Analytics. Meanwhile the TVL of INJ has been seeing a rise as per Defilama.
Injective has a market cap of $574 Million and is ranked 69th in the CMC. The volume of INJ has observed a slight decline in the intraday session. The V/M ratio of INJ suggests a consolidated trend in price.
Will INJ Price Hit $6.5 Before a Bounceback?
The weekly technical chart of INJ hints toward a consolidated momentum in price. INJ price is currently trading near the value of $7.18 with a small drop in the intraday session. There is a bearish candle being formed in the daily chart. The upside trend of INJ price can see a halt near the value of $8.Meanwhile, the support of asset price can be seen near $6.9. The asset price is trading below the 50 and 100 Exponential Moving Averages. The current EMA line can act as a support of the asset price in case of a downside trend in price.
The RSI of INJ price is near 53 with a downside slope in it. The overall sentiment of the RSI is bearish for the asset price.
Summary
The Injective protocol has been seeing a strong rise in the cumulative trading volume across all platforms. INJ’s price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$6.9
Major Resistance:$8
