Injective Price Prediction: INJ Dumps 2% – Trading Revolution or Just a Phase?

Updated: 23 August 2023

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The Injective price has decreased by 2% in the last 24 hours before receiving a slight bounce of 0.79%. Is this surge a signal of an uptrend, or is it another volatile phase the crypto is going through today?

Injective Drops by 2% Before bounce

Earlier today, Injective went through a steep decline of 2% which caused a panic rally that pushed it above 0.76%.

That slight bounce has resulted in the INJ price reaching $7.50 at 4:35 am EST, coupled with the minor increase in its market capitalization by 0.73% and a 13.75% pump in its trading volume in the last 24 hours.

What is Injective?

Injective is a DeFi blockchain that leverages its layer-one technology to create the next generation of DeFi applications, including DEX, which supports spot and derivates trading, lending protocols, and more.

We provide unique financial infrastructure primitives that DeFi applications can use, including a fully decentralized MEV-resistant on-chain order book. That allows all the trading features we often see on centralized exchanges, such as spot, margin, and derivates trading, to work within a decentralized ecosystem.

Injective opened in 2023 at $1.6 before steadily climbing the chart when Bitcoin gained support. Since then, the token has mostly traded inside the green zone, flip-flopping between $9.5 and $5.6. Another reason behind this optimal performance is the constant updates.

Also, Injective has recently introduced its most considerable tokenomics upgrade, increasing the amount of INJ tokens to be burned weekly.

1/ Injective today is releasing its largest tokenomics upgrade yet which can dramatically increase the amount of INJ burned weekly.

Now all dApps built on Injective can contribute to the $INJ burn auction with no limit on how much they can burn.https://t.co/VCoc2lSjaA

— Injective 🥷 (@injective) August 16, 2023

These developments have allowed INJ to stay above the $7 level since June 2023.

Injective Price Analysis

While INK has primarily traded in the green, there has been a 28% decline in its price since July 14th, – partly because Bitcoin lost $30k support. Another red formed on August 16th pushed down the value of this token to $6.8, which led bulls to get into action and bounce the token above the $8 mark before the recent decline.

The upper and lower trendlines are currently parallel. It can move up if the token is above to cross its $7.5 psychological resistance. However, a fall below the $6 mark will see this token decline further.

However, the token’s RSI is currently in the middle, and its MACD is in the negative zone, which shows people aren’t interested in Injective.

Injective Alternative – Launchpad XYZ

While Injective’s adherence to keeping crypto trading decentralized is admirable, the project is still tough to understand, which can act as a bottleneck for bringing more people to DeFi.

Launchpad XYZ, conversely, is a project that encompasses all facets of Web 3 but presents them in a “human” way. While it carries all the sophistication of Injective and other decentralized projects, it gives them in a user-friendly format, helping people pick the best blockchain project to invest their time and money into.

Launchpad XYZ features its own AI to help users pick the best project, a Trade Edge module that will help beginner and veteran investors create their own frameworks, and NFT assessment and crypto assessment tools.

These features have helped this project raise more than $1.3 million during its presale. Those interested can buy LPX tokens by going to Launchpad. XYZ at a discount price of $0.0445 today.

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