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Injective (INJ) appears to be consolidating below the 50-day Simple Moving Average (SMA), indicating a period of price stability. This could set the scene for a 36% rally to $10 over the next few days.
The crypto has been in recovery since Tuesday last week, resulting in 10% gains in the previous seven days. This growth has been fueled by several developments and updates from the Injective protocol, according to a vocal ambassador of the project going by the name Jøshyy, on X.
According to Joshyy, Injective has made a few DeFi updates on the protocol, including Apello, a set of tools for Cosmos NFTs, which went live on Injective on Friday, September 15.
🤖 Apello 🤝 Injective 🥷
We're happy to announce that Apello is now live on @Injective_ !
Join us today and enjoy free access to all our powerful tooling, available for everyone.🕸️ https://t.co/rDJkGM33WJ
🕸️ https://t.co/GjRqo6dSYR (app)
🕸️ https://t.co/AZUivLZroF (docs) pic.twitter.com/JohVIPCPFy— Apello 𓏢 (@apelloxyz) September 13, 2023
Levana Protocol, an upcoming star in the DeFi space, recently launched a new perpetual swap exchange on the Injective testnet. According to an Injective post on Medium, “This development promises many benefits for traders and liquidity providers, including real yield opportunities, high leverage, and risk-adjusted trading strategies.”
Levana 🐉 is excited to co-host an in person trading workshop with @Injective_ 🥷
Oct 3rd 2PM-6PM at @CosmoverseHQ in Istanbul 🇹🇷 https://t.co/tAG4YfxTbn
Earn $INJ rewards while you learn multiple strategies for trading with up to 30x leverage via Levana Perps & Injective. pic.twitter.com/4FmQqE2FVy
— Levana Protocol wif hat (@Levana_protocol) September 15, 2023
Other developments include the introduction of native USDC stablecoin through an integration by Circle and Noble, a Cosmos-based general asset issuance chain. Furthermore, native .inj domain names are coming soon.
Native .inj domain names are launching shortly 🫧
Here is a handy guide on the .inj pre-registration whitelist, process and rules.https://t.co/2kiPrhjuaN
— Injective 🥷 (@injective) September 15, 2023
These positive fundamentals are responsible for the excitement investors have around the INJ price as speculations of a sustained recovery increase.
Are Injective Bulls Strong Enough to Sustain the Recovery
INJ’s price action between July 14 and Sept.13 was characterized by a series of lower highs and lower lows, resulting in a descending parallel channel on the daily chart (see below). The recovery that began on Sept.12 and propelled the Injective price above the channel’s upper boundary was halted at the 50-day SMA, which is currently acting as immediate resistance.
A daily candlestick close above this would signal the continuation of the uptrend, which would meet the first roadblock from the 100-day SMA, which is sitting at $7.54. Above this, the bulls have their eyes set on the $9.0 psychological level, which would then clear the path toward the tip of the falling channel at $9.7.
From here, the next logical move would be toward the April 17 range high of around $10. Such a move would represent a 36% uptick from the current price.
INJ/USD Daily Chart
This positive outlook was supported by the upward movement of the Moving Average Convergence Divergence (MACD) indicator. The call to buy Injective, sent on September 12 when the 12-day Exponential Moving Average (EMA) crossed above the 26-day EMA, was still in play. This suggested that the market conditions still favor the upside. INJ’s recovery will gain momentum once the MACD crosses the zero line into the positive region.
In addition, the Relative Strength Index (RSI) was also tipping upwards, and the price strength at 56 suggested that there were still more buyers than sellers in the market. Most of these buyers were concentrated around the 200-day SMA at $6.8, positioned below the price.
On the flip side, things could go awry for Injective if the sellers continue taking profits on the rally to $7.3. The resulting overhead pressure could pull INJ below the 200 SMA and back into the confines of the descending channel.
The altcoin could continue oscillating with this technical formation with support provided by the channel’s middle boundary at $6.0 and the lower boundary at $5.38.
Please remember that cryptocurrency markets are known for their volatility, and it’s essential to stay informed about market developments as they affect the price. Because of this, traders are not entirely sure whether Injective will achieve the rise to $10 soon. With such uncertainty, it would be advisable to invest in new cryptocurrency presales, such as Wall Street Memes (WSM), with the potential to make 100X returns before the year ends.
Promising INJ Alternatives
The excitement around Wall Street Memes continues to build as the countdown to token claim and exchange listing gains momentum. With just seven days and 8 hours remaining, WSM presents a compelling option for those looking to get in on the ground floor of this promising project.
The Wall Street Memes presale, which has raised over $25 million, ends on September 25 at 6 pm UTC, with the claiming and listing scheduled for September 27. The team has already secured support from exchanges in the top 20 on CoinMarketCap, which are confirmed and will be announced soon.
Inspired by Reddit’s legendary amateur investor groups, the WallStreetBets, the project has gained popularity and has grown over its presale period.
S&P 500: 2023 vs 1983 – Are you seeing what I'm seeing? 📈 pic.twitter.com/UVY4CsNxjc
— Wall Street Memes (@wallstmemes) September 17, 2023
This popularity allowed it to raise over $25 million, and even now, its token is still available for purchase for only $0.0337 per token.
Anyone interested in buying the token can do so with ETH, USDT, BNB, or credit/debit card.
Visit Wall Street Memes (WSM) here to buy your tokens before time runs out.
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