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.
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