October 31, 2023
Injective (INJ) price is unbothered by the widespread consolidation, witnessed in the crypto market since Thursday, up 10% on Friday to trade at $13.15. After rallying by a whopping 547% since the start of the year, the interoperable Layer-1 blockchain powering the next generation of decentralized finance applications (DApps), is closing in on its all-time high of $24.89.
INJ is on the verge of determining the next course it will take by facing one of the major resistance levels ($14) — unsuccessfully tested during the last two quarters of 2022.
The completion of a double-bottom pattern in January of 2023 greatly contributed to the bullish outlook which continues to boost INJ to reach higher levels. Based on the price levels on the weekly chart, Injective price is trading above all the bull market indicators, including the 21-week Exponential Moving Average (EMA) (red) and the 100-week EMA (blue).
Bulls reaffirmed their grip when INJ broke above the multi-year falling trendline at $8 and with the Relative Strength Index (RSI) majestically moving into the overbought region with a strength of 76, the ongoing weekly bullish candle is expected to close above the hurdle at $14.
When an asset breaks out of a lengthy descending trendline, it is an affirmation of a stronger bullish trend taking over. For this reason, Injective could blast above the all-time high and set a new record high in the coming weeks.
Meanwhile, traders must stay vigilant to avoid sudden pullbacks, considering the RSI is already overbought. Any signs of the uptrend weakening would be broadcasted with the RSI reversing into the neutral area.
Dips toward INJ’s local support at $8 could offer profitable entries to investors who could be feeling sidelined by the strong rally. On the upside, a natural break and hold above the immediate $14 resistance could serve as a signal for gains to the ATH.
The Injective development team announced “Injective Nexus” – the integration with Google Cloud on Tuesday, paving the way for an exciting era where core chain data is “accessible in BigQuery through the Analytics Hub” by the broader mainstream world.
This implies that developers and enterprises alike can call customer data from the Injective Network, including real-time financial and transaction data. Moreover, Google Cloud customers will have exclusive access to bespoke Web3 data sets from the protocol which can be utilized across many platforms in DeFi, machine learning and to build trading strategies.
“Google Cloud to date has only offered BigQuery datasets for major blockchain networks like Bitcoin and Ethereum,” the team said via a blog post. “Now, Injective will become part of this prominent group of Layer-1 chains.”