Issued on: 29th May’23
Valid upto: 04th Jun’23
Token: INJ
Category: Layer 1 blockchain
Market Cap: $606,268,100
Circulating Supply: 80,005,555
Total Supply: 100,000,000
Price Update: Injective (INJ) It is an open, interoperable layer-one blockchain powering next-generation DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols and more. INJ price at the time of writing (29th May, 18:30) is $7.539 with 24-hour trading volume of $117,836,529 INJ price is up by 10% in the last 24 hours according to coinmarketcap.com.
Source: Tradingview
- INJ recently followed an upward trend and prices are currently breaking previous resistance of $7.400.
- From the daily chart, the chances of forming a double top is low at the current resistance levels, as RSI is in neutral territory.
- In the lower time frame, H4, the price may take a small retest around $7.45 ranges before moving for an ultimate $9 rally.
- A Long Trading strategy can be assessed between $7.6-$7.0 with invalidation below $6.60.
- On the upside, one can see a rise of 20-25% towards $8.3 as first level and if markets turn more bullish we can also see moving towards $8.9.
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
An illustration of Leverage in Futures Market:
Note: INJ is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade INJ in Futures Market at CoinDCX
Trade INJ in Futures Market at CoinDCX Pro
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
