- Active addresses surged as the project confirmed new development during the week.
- INJ’s price action went positive after capitalizing on the $6.28 support.
Over the last seven days, Injective Protocol [INJ] made some notable developments and progress. The protocol, which focuses on decentralized derivatives trading, has integrated Polygon [MATIC]. During the same period, it also released the Avalon Mainnet.
As a noteworthy development, the Avalon Mainnet upgrade would enhance interoperability. Also, it presents an opportunity to improve the project’s user experience in the DeFi space.
Furthermore, the integration allows users to access INJ tokens and increase liquidity while contributing to the growth and visibility of INJ.
A rise in activity and fall in development
Following the development, Injective’s seven-day active addresses rose to 1005. This metric indicates the level of crowd interaction by measuring the number of distinct addresses that have participated in a transfer.
Thus, the increase suggests that quite a number of INJ holders have re-ignited their interest in transacting with the token, further driving interest and engagement.
However, the upgrades and interaction during the week were expected to improve Injective’s development activity. And it sure did. But the same metric, at press time, had fallen to 6.31.
Source: Santiment
This implies that developers had slowed down their dedication to the upgrades on the network. And as such, could affect the bullish gains that INJ has seen in the period.
While Injective Protocol has been expanding its partnerships and collaborations, the token emerged as one of the best-performing assets in the market.
Volume is down but INJ’s price action remains bullish
At press time, INJ’s price was close to hitting $8. But its volume, having risen to 92.51 million on 2 June, decreased to 39.94 million at press time.
Sometimes, a clear signal such as a decrease in transactions could determine where the price action might head.
Hence, the fall in volume infers that the INJ price action could be carving out a bearish outcome. This would be the case provided the transaction volume does not begin another increase.
Source: Santiment
After days of printing greens during the week, the technical outlook indicated that the token could do more. From the technical perspective, the Awesome Oscillator (AO) was 0.70
Typically, a positive reading suggests that the 5-day Moving Average (MA) was moving faster than the 34-day MA. And since the value rose above zero, it implies a shift towards the bullish momentum.
How much are 1,10,100 INJs worth today?
As per the daily timeframe, INJ created solid support at $6.28 on 29 May. The price action was also able to overcome the resistance at $7.55 on 31 May.
Therefore, the Moving Average Convergence Divergence (MACD) aligned with a bullish bias. With the blue dynamic line above the orange, the indicator signaled that buyers were in control.
Source: TradingView
