INJ Injective Coin Price Charts News
INJ has made it’s way into the news again. According to a crypto analyst who is closely followed by many, the altcoin based on Ethereum (ETH) is showing bullish indicators in relation to both the US dollar and Bitcoin (BTC).
Crypto analyst Kaleo, who has over 590,000 followers on Twitter, has said that the decentralized derivatives exchange Injective (INJ) looks poised to outperform Bitcoin (INJ/BTC).
In a recent tweet, Kaleo said that INJ is “one of the most undervalued projects in the market” and that it has the potential to “10x from here.” He also pointed to the fact that INJ has been gaining momentum in recent weeks, with its price up over 50% in the past month.
Kaleo’s comments have been met with mixed reactions from the crypto community. Some have praised his analysis, while others have dismissed it as wishful thinking. However, it is clear that INJ is a project that is worth keeping an eye on.
According to a chart shared by the analyst, the INJ/BTC pair appears to have successfully retested a diagonal resistance as support.
“INJ is showing solid strength vs. BTC again. I’m long here.”
Kaleo later updates the chart, saying that the INJ/BTC pair could briefly cool off after rallying to as high as 0.0003031 BTC ($8.23).
“INJ / BTC with a solid move so far. Wouldn’t be surprised to see a bit of accumulation here before a continuation higher.”
Kaleo is also keeping a close eye on the price of Injective Protocol (INJ) against the US dollar. The popular analyst said that the pair also looks bullish after breaking out of its diagonal resistance and retesting it as support.
Kaleo noted that INJ has been consolidating in a range between $10 and $15 for the past few weeks. However, the recent breakout suggests that the bulls are gaining control and that the price could continue to rise in the near future.
The analyst has set a target of $25 for INJ, which is a 100% increase from its current price. However, he warned that there is always the possibility of a pullback before the next leg up.
Overall, Kaleo is bullish on INJ and believes that it has the potential to reach $25 in the near future. However, he also cautioned that investors should be prepared for a pullback before the next leg up.
“INJ / USD chart looks great as well.”
At the time of writing, the value of Injective is $7.86, showing a 7.7% increase in the past 24 hours.
Injective has recently made several significant advancements within its ecosystem, one of which is the integration with the blockchain-scaling solution called Polygon (MATIC).
“Injective launches a groundbreaking integration with [Polygon Labs] to enable true DeFi (decentralized finance) composability. For the first time, native assets from Polygon and Injective can be utilized for a diverse array of cross-chain use cases within the two ecosystems.” Injective also completed an upgrade to its Avalon mainnet after the proposal was approved by 99.8% of the community voters.
“The Avalon Mainnet Upgrade is complete to bring you the most performant Injective infrastructure to date:
- Robust scalability optimizations
- PoS (proof of stake) validation revamp
- Fastest block times on mainnet.”
