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Injective coin marked a significant achievement on October 16, celebrating its 300 millionth transaction on-chain. This milestone coincided with the INJ coin’s consistent upward trajectory. The summer of 2023 saw the Injective crypto platform piquing interest. Notably, the platform launched a hackathon in May, positioning itself prominently in the broader crypto market.
300 Million on-chain transactions have been processed on Injective!
✅Fastest growing L1
✅Lightning fast speeds
✅Lowest fees
✅Unstoppable progress pic.twitter.com/Ma6gpj3Tvr— Injective 🥷 (@injective) October 16, 2023
By October, the INJ coin had tripled its value despite occasional market challenges. Since its yearly peak in April, the Injective (INJ) price has hovered below the $10 resistance mark. However, as of October 20th, the coin is regaining momentum, inching closer to this resistance. Injective Coin is up by 6%, currently trading at $8.70.
INJ/USD Technical Analysis and Price Prediction
The INJ coin began the year at a modest $1.22 but witnessed a sharp rise, breaking past a long-standing descending resistance trendline by March. This surge propelled the prices to a yearly high of $9.97 in April. However, the coin faced resistance at the $10 mark, leading to lower highs. But the winds seemed to change in September, with the coin approaching the $10 resistance again.
INJ/USD technical analysis on the daily timeframe shows the altcoin formed a bullish flag pattern on October 14, with the coin aiming to break above $8.80 and potentially retest $9.97 in the days ahead. The price of ENJ has been trending above major EMAs (50, 100, and 200) on the daily timeframe for the past month, indicating an overall bullish sentiment.
October brought more good news for the Injective coin. The platform announced the launch of the Illuminate Hackathon with backing from Google Cloud. This month-long event, boasting a generous $100,000 prize pool, aims to nurture innovative web3 finance applications.
.@Injective_ and #GoogleCloud are teaming to launch the Injective Illuminate Hackathon!
Create, scale, and access endless possibilities with infrastructure optimized to power the future of Web3.
Register today: https://t.co/a6FrR7dUbIhttps://t.co/ms6yZtvnrR
— Injective 🥷 (@injective) October 2, 2023
The Injective’s decentralized exchange, Helix, pledged its support for pre-launch futures, ensuring equitable market access for traders. This move is especially significant as such markets were previously exclusive to early contributors or venture capitalists.
INJ coin Price Prediction
Elliott Wave theory, a tool technical analysts use, suggests a bullish trend for INJ. If this prediction holds, INJ might conclude its fourth wave in a five-wave upward pattern. This wave forms a symmetrical triangle, a common pattern for this phase. Predictions place the fifth wave’s peak at $25, a staggering 200% above the current price and close to INJ’s all-time high of $25.30. If the trend extends, we might see the coin reaching $36.50. However, a weekly close below the triangle’s support could invalidate this prediction, potentially leading to a 50% drop to the $4 support zone.
The INJ coin’s rise can be attributed to heightened activity from community investors and traders. The coin’s Total Value Locked (TVL) stands impressively at $20.89 Million, further boosting its price.
The technical indicators signal a potential bullish continuation, with the Relative Strength Index (RSI) consolidating above 70, indicating strength in buying pressure. The Moving Average Convergence Divergence (MACD) has crossed over to a bullish signal and is moving upwards.
Social Dominance and Its Impact
Injective’s INJ has been one of 2023’s standout performers. The metric of Social Dominance provides insights into which projects are gaining traction. Currently, Injective is basking in the limelight, with its Social Dominance reaching new monthly highs.
Recent highlights on @Injective_ | $INJ
☑️ @HelixApp_ releases pre-launch futures
☑️ @SpaceIDProtocol .inj name service becomes tradable on Talis
☑️ @MitoFinance testnet opens to anyone who has interacted with an Injective dApp. pic.twitter.com/DWxaxEmqhq— Injective Now (@InjectiveNow) October 20, 2023
The buzz around Injective can be traced back to the upcoming launch of the Helix DEX on the Injective blockchain. This platform promises pre-launch futures for popular token markets, a feature eagerly anticipated by many.
As derivative investment avenues, futures offer easy market entry and exit, explaining the heightened interest. The rising demand for crypto futures suggests the Helix DEX could witness a significant uptick upon its launch.
Helix released pre-launch futures yesterday allowing anyone to buy tokens early.
Today Helix hit $13 Billion in on-chain trading volume.
Coincidence? pic.twitter.com/4F94PU6Dca
— Helix 🧬 (@HelixApp_) October 19, 2023
INJ’s recent rally reflects the market’s positive response to the Helix DEX. The coin has seen an 11% rise in the past week, reaching $8.15. The last 48 hours alone have seen a 3% increase. This positive price action is backed by a surge in liquidity, as indicated by the Money Flow Index (MFI). Over the past five days, the demand for the cryptocurrency has surged, with INJ receiving liquidity worth approximately $4 million. This influx suggests that the market’s attention is translating into tangible demand.
Bitcoin Minetrix hits a $1,600,000 presale as crypto enthusiasts eagerly await its launch date
Bitcoin Minetrix (BTCMTX), a new cryptocurrency ICO, has surpassed the $1.6 million mark. This innovative ‘stake-to-mine’ project is the first of its kind, aiming to tokenize the cloud mining process.
Witness #BitcoinMinetrix achieving another remarkable milestone!
More than $1,600,000 raised!🪙 pic.twitter.com/yyrHTMRQz2
— Bitcoinminetrix (@bitcoinminetrix) October 17, 2023
The unique selling point of Bitcoin Minetrix is its stake-to-mine feature. Investors can stake their BTCMTX tokens, converted into cloud mining credits. These credits are subsequently burned to allocate cloud mining time. The mined Bitcoin is then distributed to the stakers, managed through a dedicated mobile app currently being developed.
Historically, Bitcoin mining was a domain for large firms due to the high costs involved. With the current average cost to mine a single Bitcoin estimated at $31,500, many needed to be included. Cloud mining emerged as a solution but had its pitfalls, primarily scams. Bitcoin Minetrix’s tokenized approach seeks to address these challenges, offering investors more freedom and reduced entry costs.
Early investors in the ICO have the potential to earn an impressive estimated annual percentage yield (APY) of over 300%, paid in BTCMTX tokens. Moreover, the platform promises flexibility. BTCMTX tokens can be unstaked after the staking period or traded on exchanges at any time.
The project’s whitepaper outlines a total supply of 4 billion BTCMTX tokens, with 70% available during a 10-stage ICO. As the ICO progresses, the token price is set to increase, with a fundraising goal of $15.6 million. For investor safety, Bitcoin Minetrix’s token smart contract underwent an audit by Coinsult, ensuring an extra layer of security and trust. The project is currently in its initial phase of a four-phase roadmap and running a crypto airdrop campaign.
Bitcoin Minetrix is an exciting entrant in the cryptocurrency arena, offering a fresh approach to cloud mining and investment opportunities.
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