The post INJ Price Analysis: Exploring Short Entry Points Amidst Volatile Markets appeared first on Coinpedia Fintech News
Injective (INJ), a promising layer one blockchain with around $20.8 million Total Value Locked (TVL), has been marked by notable price fluctuations since its market debut in October 2020. Recent crypto market data from TradingView reveals that INJ’s price has surged by an impressive 374 percent Year-to-Date (YTD), currently trading around $6.72 as of Tuesday.
Despite being a small-cap altcoin, INJ boasts a market capitalization of approximately $561 million and sees an average daily traded volume of roughly $27.5 million. This growth has occurred within a thriving smart contract ecosystem, coinciding with the mainstream adoption of blockchain technology.
Injective (INJ) Price Movement Analysis
According to respected U.S.-based crypto analyst Ali Charts, an intriguing opportunity for short entry has emerged for Injective (INJ), potentially yielding substantial gains in the coming weeks. Notably, the analyst argues that INJ’s price has consistently exhibited increased volatility whenever the 20-week Simple Moving Average (SMA) crosses above or below on the weekly timeframe.
Ali Charts posed the question, “With $INJ recently closing below the 20-week SMA, what scenarios do you anticipate?”
This suggestion aligns with prevailing sentiments in the cryptocurrency market, following Bitcoin and Ethereum’s inability to maintain crucial support levels.
The Injective (INJ) network has displayed remarkable resilience during cryptocurrency bear markets due to its distinctive features, notably its unlimited cross-chain spot and futures protocols. Beyond this, the Injective network stands out for its ability to achieve instant transaction finality, maintaining lightning-fast performance that accommodates over 10,000 transactions per second (TPS). This capability has contributed to the network’s notable growth and appeal within the blockchain landscape.