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Will the Avalon Mainent Upgrade Push the INJ Price to $10?

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Will the Avalon Mainent Upgrade Push the INJ Price to $10?
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Injective protocol is a layer one blockchain, powering the generation of DeFi applications. Injective protocol has a very powerful financial infrastructure and its on-chain order book is MEV resistant. The platform also provides a highly interpolable smart contract platform with advanced capabilities. The ecosystem has more than 100 projects and its community is growing on a daily basis. Injective protocol has a lightning fast performance with a capability of 10000 tps. INJ has a total TVL of $22.64 Million which has seen a growth from the start of 2023.

Will the Avalon Mainent Upgrade Push the INJ Price to $10?
                          Source: Dune.com

Injective protocol has been seeing a surge in the active users, as per dune analytics. The surge in the daily active address can be due to the notable developments in the network. 

The Avalon Mainent upgrade is one of the upgrades which will push the boundaries of DeFi. The adoption of Injective protocol can also see a strong rise in the future.

Injective protocol has been seeing a decline in the social engagements, as per Luna Crush. The current supply of the INJ is 100,000,000 with a market cap of $603,791,845. Meanwhile, as per the token distribution, the Injective protocol team has 22% of the total supply

Is INJ Gearing up for $10?

Will the Avalon Mainent Upgrade Push the INJ Price to $10?

Injective protocol token price has been moving in a weak bearish momentum on the weekly and daily technical chart. INJ price is currently trading near the value of $7.52 with a small drop in the intraday session. The upside trend of the INJ can see a halt near the value of $10.

Meanwhile, the support of the asset price can be seen near $6.5. Injective protocol is currently trading above the 50 and 100 Daily Moving Averages. If the price drops below the EMA, then, a strong bearish momentum can be seen in the future.

The RSI of INJ is near 54, suggesting its presence in the overbought zone. The overall sentiment of the indicator is weakly bearish.

Summary

Injective protocol has been seeing a surge in the users with its new upgrades. INJ price is currently in a weak bearish trend and can see a new high in the future.

Technical Levels

Major Support:$6.5

Major Resistance:$10

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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