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Injective Protocol’s token has been one of the best performers this year.
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Oscillators like the RSI and Stochastic have become extremely overbought.
INJ, Injective Protocol’s native token, has continued soaring in the past few months as demand for the DeFi-focused network jumped. The token rose to a high of $9.67, the highest point since February 7 of this year. In all, the token has jumped by more than 736% from the lowest level in December.
Why is Injective Protocol is soaring
Injective Protocol is a fast-growing platform that aims to change the finance industry. It is one of the few protocols that is designed to disrupt the financial sector. It does this by creating a platform where developers can build quality dApps in the financial industry. The platform has low transaction costs and faster speeds.
There are several reasons why the INJ crypto price has been in a strong bullish trend. First, the developers are now running a hackathon that is seeing tens of developers submit their projects. Winners will receive both funding and mentorship from a team of experienced venture capital firms.
The other important Injective news is that it will now be possible to liquid stake INJ tokens. Liquid staking is a technology that makes it possible for people to stake their tokens in an easy and decentralized manner.
With liquid staking, users can withdraw their tokens before the maturity period. This staking is being made possible by Stride, a leading Lido DAO alternative for the Cosmos ecosystem. It has over $25 million in total value locked (TVL).
The vote of liquid staking has attracted 57% of token holders, with more than 99% of voters being in the affirmative. Injective has an APY of 16.2% this year while the number of bonded tokens has risen to over 35.2 million tokens.
The most recent INJ news was a new proposal that will help it amplify liquid staking by incentivizing stINJ pool on Astroport.
https://twitter.com/AltcoinPsycho/status/1647664708256690177
INJ price prediction
The daily chart shows that the INJ price has been in a strong bullish trend in the past few months. As it rose, the token managed to move above the key psychological levels of $8, $6, and $5. It has also jumped above all moving averages.
However, oscillators show that the token has become extremely overbought. Therefore, at this stage, a risk/reward analysis mean that it is a bit risky to invest in the token for now. As a result, there is a likelihood that it will pull back and retest the key support level at $4.91, which is about 46% below the current level.
How to buy Injective
KuCoin
Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.
Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.
Users can benefit from a beginner-friendly interface and relatively low fees.
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
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The digital asset INJ has seen its price soar in recent weeks and is currently trading at $133, a 46-percent increase since late April. This impressive rally can be attributed to several key factors, as discussed in this article.
Fundamentally, the potential of INJ is growing stronger. A series of new initiatives including partnerships and expansions of services have been announced in the past few months, suggesting that the digital asset will be more widely adopted in the future. This has raised investor confidence in the digital asset, resulting in the surge in its price.
Secondly, the spike in INJ’s price is also due to the recent institutionalization of the asset class. Recently, several large institutions, including BlackRock and Goldman Sachs, have made investments into digital assets, and this has led to an increased demand for these assets. This increased institutional demand for digital assets has created a positive sentiment, resulting in the surge in INJ’s price.
However, there are some factors that could push INJ’s price lower. As mentioned, the recent institutionalization could lead to large funds flooding into the digital asset class. This could increase the supply of digital assets and, in turn, cause a dip in prices. Additionally, if the current rally in INJ’s price is mainly due to speculation and not increased adoption, a lack of demand could cause a further dip in its price.
Overall, INJ has seen a phenomenal rally over the past few weeks and could continue to rally if investors remain bullish and the digital asset continues to see increased adoption. However, there are some potential risks that could cause a dip in its price, so investors should remain vigilant and conduct adequate research before making any investment decisions.
