Altcoin Thursday: INJ
21 October 2021 | ZebPay Trade-Desk
Injective provides access to unlimited decentralized finance markets. Users can create any financial market on Injective’s fast, cross-chain, zero gas fee, secure, and fully decentralized exchange protocol. The Injective Chain is built as an Ethereum-compatible network, that enables DeFi applications that reach instant finality, sub 2 second block times, and lightning-fast transaction speeds (10,000+ TPS).
INJ last month witnessed a sharp fall from $16.64 to $7.89 and plunged almost by 52.5%. Post this move the asset made a ‘Bullish Engulfing’ pattern and has rallied almost by 82% by making the recent high of $14.4. Currently, INJ is trading in a ‘Rising Channel’ where the price action is contained between upward sloping parallel lines. If the breakout or close occurs above the channel with good volumes then we can expect the prices to further rally up to $16.65 and if the asset breaks the support line of the wedge then the prices may slide to the next support level which is at $9.93.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $9.95 | $11.20 | INJ | $14.75 | $16.65 |
Disclaimer: Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
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