Injective (INJ) has shown strength in its price movement, trading at $8.18 and experiencing a 4% increase for the day. Over the past week, INJ has rallied around 11%, following a strong rally that began on September 12. The recent uptick can be attributed to developments within the Injective ecosystem, particularly the launch of pre-launch futures on the Helix DEX platform. This allows users to trade upcoming tokens before their official launch or exchange listings. The first token to be listed on the DEX is Celestia (TIA), whose airdrop claims process recently concluded. Helix aims to provide equal opportunity for all traders to access popular token markets before their official launch.
The integration with the Gaora NFT marketplace and the new Launchpad InjMarket have also contributed to increased investor interest in INJ. As a result, its 24-hour trading volume has seen a 90% increase to $45,209,811. Technical indicators and a bullish chart pattern suggest that INJ could experience a significant upward move if the current recovery continues.
The price action of INJ has formed a rounded bottom pattern on the daily chart. This pattern indicates an initial descent towards a low, followed by an upward trend as demand increases. A breakout from this pattern would occur if the price closes above $10, leading to a potential 36% rise towards the bullish target of $13.6.
The Moving Average Convergence Divergence (MACD) indicator also suggests that buyers are firmly in control of INJ, with the 12-day EMA crossing above the 26-day EMA. However, if the price closes below $7.5, it could invalidate the recovery efforts and result in a sell-off towards the $7.3 demand zone.
In terms of alternatives to INJ, one option is participating in the INJ Alternatives crypto presale, which has already raised over $1.77 million and is set to increase in price. Another option is Bitcoin Minetrix, a decentralized cloud mining platform that allows users to stake its token and receive credits for mining BTC. The project aims to provide a legitimate and transparent cloud mining solution.
In conclusion, INJ has displayed strength in its price movement and has experienced a rally due to developments within the Injective ecosystem. Technical indicators and a bullish chart pattern suggest the potential for a significant upward move if the current recovery continues. Additionally, there are alternative options such as participating in the INJ Alternatives presale or exploring Bitcoin Minetrix as a cloud mining solution.
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