Injective Protocol (INJ) Sees Remarkable Uptick Following inEVM Mainnet Launch

Injective (INJ) has experienced a significant increase, rising over 6% in the past 24 hours. This surge comes on the heels of the launch of

Arslan Butt•Friday, March 8, 2024•2 min read

Injective Protocol (INJ) Sees Remarkable Uptick Following inEVM Mainnet Launch

Injective (INJ) has experienced a significant increase, rising over 6% in the past 24 hours. This surge comes on the heels of the launch of inEVM on the mainnet, marking a groundbreaking moment for the Ethereum Virtual Machine (EVM) by enabling true composability across Injective and Ethereum. This innovative step allows Ethereum developers to create applications that benefit from Injective’s rapid speeds and minimal fees while ensuring compatibility with the EVM and WASM ecosystems.

The mainnet launch of inEVM, described as the first rollup designed to enhance concurrent VM development, follows a successful testnet phase with Caldera last September. This development permits the effortless deployment of Ethereum applications on Injective without necessitating any code changes, bridging the gap between Ethereum and Cosmos ecosystems and heralding a new era of interoperability and innovation.

Injective’s Price Momentum and Future Outlook

The launch has evidently bolstered investor confidence in Injective, as reflected in its price dynamics. CoinCodex predicts that INJ could reach $57.43 by March 13, 2024, signifying a 30.24% price increase in the next 5 days. The positive trajectory of Injective is further highlighted by a 36.79% gain in the last 30 days and a staggering 122.63% increase over the last 3 months. The long-term perspective appears even more promising, with INJ showcasing a 1,360.96% price change year-over-year, standing at a commendable contrast from its trading price of $2.95 this day last year.

Injective’s all-time high was recorded on March 2, 2024, at $46.19, with the current cycle showing a high of $44.93 and a low of $34.94. The coin has shown relatively low volatility recently, with a 1-month volatility rate of 8.23% and marking 16 green days in the last 30 days.

INJ/USD Technical Analysis and Market Sentiment

The current sentiment in the Injective market is overwhelmingly bullish, with the Fear & Greed index indicating Extreme Greed. Critical support levels to monitor are at $39.66, $36.41, and $33.83, whereas $45.49, $48.07, and $51.31 stand as pivotal resistance levels. An analysis reveals that 22 indicators suggest a bullish forecast for Injective, against 4 indicators pointing towards a bearish outlook, resulting in an overall bullish sentiment with 85% of indicators favoring a positive prediction.

Key technical indicators such as the Relative Strength Index (RSI), Simple Moving Averages (SMA), and others provide a nuanced view of Injective’s market positioning. While the RSI indicates a neutral stance at 60.13, a mix of buy and sell signals from various moving averages and oscillators paints a complex picture of Injective’s immediate market behavior. Notably, Injective trades below the 50-day SMA, typically a bearish signal, yet it enjoys robust buy signals from shorter-term averages, suggesting an active and dynamic market environment.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.