Injective's DeFi Innovations Captivate the Market. But Bitcoin Minetrix’s Presale Might Just Outshine Them All

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Injective (INJ) price displayed strength on Thursday as it traded in the green at $8.18. INJ is up more than 4% on the day and has rallied approximately 11% over the past week. This follows a strong rally initiated on Sept. 12, causing the token to reclaim key support levels.

This uptick is attributed to the latest developments within the Injective ecosystem as the Layer 1 blockchain network’s DEX platform Helix unveiled its pre-launch futures product.

The pre-launch futures on the Helix DEX are aimed at enabling users to trade upcoming tokens before their official launch or exchange listings. Celestia (TIA), whose airdrop claims process concluded on Wednesday, is the first pre-launch futures token to list on the DEX.

Helix is introducing pre-launch futures with the release of the first @CelestiaOrg $TIA token markets.

This marks a significant milestone, providing all traders with equal opportunity to access popular token markets before their official launch!

👉 https://t.co/aiUpgvKjfa pic.twitter.com/17eq3cldsb

— Helix 🧬 (@HelixApp_) October 18, 2023

According to Helix, it is the first exchange to offer the general public access to TIA via its perpetual market, with listings on major exchanges expected to follow soon.

“The first Pre-Launch Futures market available on Helix will feature the much-anticipated Celestia (TIA) token, making Helix the first exchange to grant the general public access to TIA”, the Helix team said in a blog post on Wednesday.

The token also has a fee burn mechanism similar to Ethereum’s EIP-1559.

This follows last week’s integration with the Gaora NFT marketplace and the new Launchpad InjMarket.

Last week in @Injective_:

▪️ 300 million on-chain transactions milestone unlocked
▪️ $1 million (in $INJ equivalent) has been traded on @ProtocolTalis
▪️ A trading volume of $1 million has been reached on @Levana_protocol
▪️ Integration with @Dagora_INJ NFT Marketplace
▪️ The… pic.twitter.com/wOXeg1uo9v

— Injective Now (@InjectiveNow) October 17, 2023

The latest developments have led to increased investor interest in the INJ token, leading to a 90% increase in its 24-hour trading volume to $45,209,811, according to data from CoinMarketCap.

Technical indicators and a highly bullish technical formation point to a massive move for Injective if the current recovery is sustained.

Injective’s DeFi Innovations To Propel INJ Higher

INJ dropped approximately 36% from its high of around $10 and set a swing low of around $6.49. This was followed by a steady run-up to the current level of around $8.18.

This price action has led to a rounded bottom pattern on the daily chart (see below). This pattern appears when an asset initially descends toward a low, indicating an excess supply. A reversal to an upward trend occurs when bulls enter the market on the dips, which increases demand for the asset. Once the rounding bottom is complete, the asset breaks out to start a massive move upward.

In the case of the Injective price, a breakout from the rounding bottom chart pattern would be confirmed when a daily candlestick close is achieved above the price immediately before the start of the initial decline (the neckline) – in this case, the $10 mark.

If this happens, the asset could rise 36% to reach the bullish target of the prevailing chart pattern around $13.6. This would constitute a 66% ascent from the current price.

INJ/USD Daily Chart

Injective Price Chart - Oct 19 — TradingView Chart: INJ/USD

Apart from the significantly bullish chart pattern, the Moving Average Convergence Divergence (MACD) indicator showed that the buyer’s grip on INJ remained firm. The 12-day Exponential Moving Average (EMA) – the blue line – has just crossed above the 26-day EMA – orange line. This is a call to buy Injective, pointing to increased value in the near future.

On the downside, a daily candlestick close below $7.5, where the 100-day simple moving average (SMA) currently sits, would invalidate the recovery efforts and set the crypto on a sell-off, resulting in another correction toward the $7.3 demand zone where the 50-day and 200-day SMAs appear to converge.

A drop lower would see the INJ price drop to seek solace from the prevailing pattern’s bottom at $6.40. Such a move would result in 22% losses from the current price.

INJ Alternatives

Bitcoin Minetrix (BTCMTX) is one of the best crypto presales in the industry at the moment. It has already managed to raise over $1.77 million, closing in fast on $2 million.

The presale recently saw the price of its token increase from $0.011 to $0.0111, and in about 11 days, the price will increase to $0.01221. Therefore, this is the opportunity to buy the token at a cheaper price.

Bitcoin Minetrix is a decentralized, transparent, and safe cloud mining platform that allows users to stake its token, BTCMTX, and receive credits, which are then used for mining BTC.

Since it is all done via the cloud, you don’t need expensive equipment or massive electricity. The project seeks to offer its users the opportunity to join a legitimate cloud mining platform and help them overcome doubts caused by many other fake or fraudulent cloud miners that have emerged over the years.

#Bitcoin's hashrate surges, poised for a 100% increase in 2023. 🔥

Despite tepid hash prices, the network's computational power hits 445 EH/s, up from 255 EH/s in January.

Analysts predict a 'Zettahash' milestone by 2025.

Growth fueled by market dynamics, new tech, and…

— Bitcoinminetrix (@bitcoinminetrix) October 18, 2023

To achieve this, it ensured it was entirely decentralized and fully transparent so that users would always feel safe and in control.