Will INJ Crypto Come for a Retracement or Continue to Rise?

• In the last one year, Injective crypto has given an astonishing return of 2500%.
• The Injective crypto price is following a strong bullish trend on the multiple timeframe charts.

Injective Protocol is a blockchain for finance that supports decentralized order books and smart contracts. It uses Cosmos SDK and Tendermint to enable fast and cross-chain transactions. The Injective ecosystem aims to provide users with access to various decentralized financial markets and services.

The current circulating supply of the Injective crypto is 83.755 Million INJ and the total supply of the crypto is 100.0 Million INJ. Moreover, the fully diluted market cap of the crypto is worth $3.377 Billion. 

The Injective crypto has witnessed a decrease of 11.2% in its trading volume, resulting in a traded volume of $274.438 Million in the last 24 hours. Also, the current market cap ranking of the INJ crypto is 33rd, as per CoinMarketCap.

Injective’s current market cap dominance is 0.166% and the volume/market cap ratio of the crypto is 0.1172. 

Injective Crypto Derivatives Analysis

The derivatives trading volume of the Injective crypto has risen by 34.7%, resulting in a traded volume of $873.60 Million. The open interest of the crypto has declined by 29.09%. Also, the long/short ratio of the crypto is 0.9268 and the long liquidation is much higher, resulting in a value of $2.31 Million.

The following data shows that the sellers have dominated the price in the last 24 hours.

INJ Crypto Technical Analysis

From its all-time lows, the trading price of the INJ crypto has risen by more than 5000%. Moreover, the INJ crypto is following an strong uptrend on the charts. The current price of the INJ crypto is at much higher levels and might decline to 50% retracement levels of the Fibonacci tool.

INJ/USD Chart by TradingView

The 50-day and the 200-day EMAs are forming a golden cross and the price of the INJ crypto is trading above the EMAs. The Rolling VWAP is also rising to higher levels along with an increase in the trading price.

The RSI on the other hand is declining from the overbought zones and has declined below the 14-day SMA. Despite this the RSI value is still above the 50-level, which indicates that the bullish trend of the crypto is still strong and valid.

Conclusion 

Injective Protocol is a blockchain for finance that has seen a massive return of 2500% in the last year. The INJ crypto is in a strong bullish trend and has the potential to reach new highs. The technical indicators are also positive and support the upward momentum of INJ.

Technical Levels

Support Levels: $18.00 and $28.200

Resistance levels: $ 45.00 and $55.00

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.