Even though the cryptocurrency market has started the day off on a bearish note, not all of its assets are recording losses. As a matter of fact, Injective ($INJ) is the only large gainer among the top 100 cryptocurrencies, recording an increase of nearly 8% on its daily chart.
As it happens, the cryptocurrency of the open, interoperable smart contracts-enabled blockchain optimized for decentralized finance (DeFi) applications is currently trading at the price of $7.69, according to the data retrieved on August 18.
Injective price analysis
As things stand, Injective’s current price reflects an increase of 7.81% in the last 24 hours, although the crypto asset is still recording a decline of 0.73% across the previous seven days and a 15.37% drop over the past month, as the most recent charts indicate.
Not only that, but the summary of $INJ’s technical analysis (TA) gauges is also bullish, suggesting a ‘buy’ at 10, based on oscillators in ‘neutral’ at 9 and moving averages directed at a ‘buy’ at 9, according to the latest information on August 18.
Meanwhile, Injective’s support level lies between $5.81 and $6.63, whereas it has already started to move into its resistance area between $7.45 and $8.27, with the 14-period relative strength index (RSI) momentum oscillator suggesting a ‘buy’ action.
Notably, its rise coincides with the blockchain company releasing a major tokenomics upgrade, increasing the amount of $INJ burned weekly through the Injective Token Burn Auction mechanism and removing the limits on how much of their fees the decentralized apps (dApps) can burn.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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