Injective (INJ) price remains resilient amidst the recent consolidation in the crypto market, surging 10% on Friday to reach $13.15. With a remarkable rally of 547% since the beginning of the year, INJ, an interoperable Layer-1 blockchain for decentralized finance applications (DApps), is closing in on its all-time high of $24.89.
INJ is currently approaching a critical juncture as it faces one of its major resistance levels at $14, which it has unsuccessfully tested in the last two quarters of 2022. The completion of a double-bottom pattern in January 2023 has contributed to the bullish outlook and continues to propel INJ to higher levels.
Based on the weekly chart, INJ is trading above key bull market indicators, including the 21-week Exponential Moving Average (EMA) and the 100-week EMA. Bulls have strengthened their position by breaking above a multi-year falling trendline at $8, and the Relative Strength Index (RSI) is in overbought territory with a strength of 76. It is expected that the ongoing bullish candle will close above the $14 hurdle.
When an asset breaks out of a long descending trendline, it signifies a stronger bullish trend. This suggests that INJ could surpass its all-time high and set a new record in the coming weeks. However, traders should remain cautious as the RSI is already overbought. Any signs of weakening in the uptrend would be indicated by the RSI reversing into the neutral area. Opportunities for entry may arise if INJ dips towards its local support at $8.
In other news, Injective has impressed the community with its integration with Google Cloud. The announcement of “Injective Nexus” means that core chain data from Injective Network will be accessible through Google Cloud’s Analytics Hub. This opens up possibilities for developers and enterprises to utilize customer data, real-time financial and transaction data, and Web3 data sets from the protocol for DeFi, machine learning, and trading strategies.
In conclusion, INJ’s price is showing strength despite market consolidation, and it is approaching a critical resistance level. The integration with Google Cloud further enhances its potential for growth and adoption. However, traders should exercise caution and stay informed about market conditions.
[Author Bio: John is an experienced crypto expert known for his accurate price predictions and in-depth analysis. As the Price Prediction Editor for Market Content at CoinGape Media, he provides valuable insights on price trends and market forecasts. With extensive knowledge of on-chain data analytics, NFTs, DeFi, CeFi, and the metaverse landscape, John keeps his audience informed about the ever-changing crypto market.] [Disclaimer: The presented content may include the personal opinion of the author and is subject to market conditions. Conduct your own research before investing in cryptocurrencies. The author or publication assumes no responsibility for any personal financial losses.]
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