Connect with us
Active Currencies 12834
Market Cap $2,038,440,153,820.70
Bitcoin Share 49.24%
24h Market Cap Change $-1.21

INJ goes parabolic as Injective gains new fiat on-ramps

3min Read

INJ’s future looks a whole lot brighter now that Injective has access to more liquidity avenues. But can the cryptocurrency sustain its current trajectory?

INJ goes parabolic as Injective gains new fiat on-ramps

Share this article



-Injective unlocks new liquidity avenues for INJ, strengthening its bullish outlook.

-INJ bulls hold strong for a while longer as evidence of a possible retracement pile-up.

The future looks bright for Injective as DeFi continues to shape up, and the same can be said for its native cryptocurrency INJ. More so, considering the network’s latest announcement which puts it on the fast lane for heavy liquidity inflows.


Is your portfolio green? Check out the Injective Profit Calculator


Injective released its latest weekly update revealing multiple positive developments. The most notable one was that the network activated multiple fiat on-ramp for native INJ.


Injective also confirmed its mainnet integration with the Kraken exchange. These announcements are important for the network because they underscore more access to liquidity.

INJ set to maintain the explosive growth?

INJ’s future looks a whole lot brighter now that Injective has access to more liquidity avenues. But can the cryptocurrency sustain its current trajectory?

INJ delivered a strong bullish performance in the first half of April during which it rallied by 89%. Its $8.76 press time price represented a 585% upside from its lowest 2023 levels.

INJ price action

Source: TradingView

INJ’s impressive YTD performance demonstrates just how much the cryptocurrency has grown so far this year.

A relief rally might be in the works now that INJ is deep in overbought territory as indicated by the RSI.

A sizable price correction followed the last time that it was this overbought at the end of January. Short traders might have a decent opportunity if history repeats.


How many are 1,10,100 INJs worth today?


A robust profit-taking in overbought conditions may trigger a selloff that would represent an ideal opportunity for short traders. However, the bulls demonstrate relative strength for now, and more upside could still be on the cards.

On-chain analysis

A strong mid-month volume surge confirms higher demand. This likely demonstrates a wave of retail demand coming in towards the tail end of the rally.

INJ maintained healthy volumes at press time, albeit notably lower than its volume on Saturday. Also, the weighted sentiment metric surged towards mid-month but it has been leaning in favor of a bearish expectation for 24 hours.

INJ volume and weighted sentiment

Source: Santiment

The weighted sentiment observation underscores a higher probability of a bearish outcome within the next few days.

This is further backed by the fact that there is some incentive to sell since many traders, especially Q1 buyers, are now in the money as indicated by the MVRV ratio which was at its highest level in the last four weeks.

INJ MVRV ratio and mean coin age

Source: Santiment

Whether the bears will take over largely depends on whether whales will start selling. So far addresses holding over 10 million INJ control over 74% of INJ’s circulating supply.

The same whale category has drawn down their balances slightly in the last few days. However, it has not been enough to offset the prevailing demand.

INJ supply distribution

Source: Santiment

Although the top whales are gradually selling, investors should keep an eye out for whether the same trend will continue. It will dictate whether a notable pullback might be on the cards.


Share

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.