Injective Protocol Soars 19% on Layer-2 DEX Innovations; Still, Bitcoin Minetrix Awaits with Promising Presale

Updated: 24 October 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Pioneering developments in its Layer-2 decentralized exchange (DEX) have attributed a 19% increase to the Injective Protocol (INJ).

This increase allows investors to recoup some losses suffered during the bear market.

woke up. checked price. good price.

GM $INJ pic.twitter.com/RMmmoKoLyT

— Injective Creatures (@INJcreatures) October 24, 2023

INJ, with a market capitalization of approximately $1.06 billion, is currently trading at $12.68, indicating a substantial 23.8% increase in the past 24 hours, as of 8:34 a.m. EST.

Bulls might face Rejection at $12.06 Resistance

INJ/USD Chart Analysis. Source: Tradingview.com — INJUSD Chart Analysis. Source: Tradingview.com

INJ’s price has significantly recovered, bouncing strongly from the support zone at $7.47. This rebound signals the potential continuation of a bullish trend, providing the necessary momentum for the bulls to aim for breaching the resistance point at $12.6.

The price of INJ is experiencing a bounce on both the 50-day and 200-day moving averages, contributing to the positive price momentum. This support has boosted the confidence of bullish investors, driving the price towards the $12.6 resistance level.

Furthermore, the Relative Strength Index (RSI) has surged from 50, crossing the overbought threshold of 70, to settle at 91, signifying intense buying pressure. Nonetheless, the momentum might undergo a correction before the bulls regain control.

The general trend for INJ continues to be positive, evident in the alignment of the simple moving averages and the RSI. This favorable configuration drives the bulls to aim for a new peak at $15.

Nevertheless, it’s crucial to be aware that the $12.6 mark may attract bearish activity, which could lead to a price decrease of $10.1. Should such a decline occur, buyers may discover support around the $8.2 mark.

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#BitcoinMinetrix is now in Stage 3! 🔥 pic.twitter.com/Od4Syqx7EA

— Bitcoinminetrix (@bitcoinminetrix) October 23, 2023

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Announcement! 📢#BitcoinMinetrix has achieved a monumental milestone, surpassing $2,000,000 raised!

We are now also less than 40 minutes away from the start of Stage 3! 🪙 pic.twitter.com/iZENKYsxcd

— Bitcoinminetrix (@bitcoinminetrix) October 23, 2023

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