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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Injective (INJ) Rockets To Fresh ATH With 2,700% Surge – Find Out More

Christian Encila
Christian Encila
1 year ago
3 mins read
Injective

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Driven by heightened futures trading volumes and leverage, the price of Injective (INJ) has soared to unprecedented levels of around $38.49, marking a remarkable 2,700% surge year-to-date.

Notably, within a single day, the native token of the decentralized finance (DeFi) platform Injective, exhibited resilience and potential, demonstrating a noteworthy increase of 24% in its value.

In the context of the cryptocurrency market’s ever-changing dynamics, INJ has emerged as a standout performer, positioning itself as one of the top gainers amidst the series of surges and corrections experienced by leading tokens.

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Record-Breaking Heights: Injective (INJ) Soars Over 70% Amidst AI Uptick

1 year ago
INJ price action. Source: Coingecko

Analysts have identified a number of major factors that have contributed to this startling rally, including the surge in trading volumes for INJ perpetual futures contracts, which exceeded $25.5 billion in a single day, the incentives offered by centralized exchanges to create volatility, and the acceleration of short-term traders who are seeking leverage.

The weekly timeframe’s technical analysis reveals that the price of INJ has risen sharply since the year’s beginning. As of this writing, the altcoin has experienced a strong seven-day gain of 45%.

The price increase for INJs reached a new peak of $34.60 last week, representing an increase of 2,700% in 2023.

Based on a mix of technical indicators and fundamental factors, cryptocurrency traders and analysts on X are optimistic about the direction of the INJ price trend going forward.

INJ market cap at $3.2 billion on the daily chart: TradingView.com

Experts are more confident due to Injective’s decentralized finance (DeFi) platform’s increasing popularity and strong performance in spite of market turbulence.

Meanwhile, here’s what the analysts are saying about INJ’s price performance this week:

Our Crypto Talk is optimistic for basic reasons. The account stated that leverage-driven accumulation, exchange incentives for volatility, and the boom in perpetual futures trading were the three key drivers of the continuous rising trend.

$INJ is making highs after highs and investors are in love with it.

But what has possibly happened in the recent days that ignited this price action?

Let’s check it out 👇

▪️ Surge in Perpetual Futures Trading: Injective Protocol’s significant price increase is propelled by a… pic.twitter.com/IUWZPJeiCU

— Our Crypto Talk (@ourcryptotalk) December 14, 2023

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Victorious, another cryptocurrency analyst, is upbeat because of a short-term Wyckoff Accumulation pattern.

In financial markets, the Wyckoff Accumulation pattern is a technical analysis idea that is very useful when trading equities or cryptocurrencies.

Would love to long $INJ inside the H1 FVG, clean IRDRI

Or is this an already swept range so price can go either way?

Or is this just a bearish H1 structure so shorts are favored?

Or did we lose the “trendline” so we are going to 0?

This just shows that you can draw whatever… pic.twitter.com/d39486NqvB

— Victorious (@victorious__5) December 17, 2023

It denotes a stage of buying or accumulation by institutional or smart money investors. A sequence of price consolidations, in which the asset’s price fluctuates within a predetermined range, define the pattern.

As a result of its strong and adaptable performance, Injective Protocol has been widely used in the bitcoin market. Proof of this is its latest collaborations with some of the crypto market’s biggest players.

Carbon Browser made a big announcement on X on December 7, 2023, confirming the incorporation of Injective Protocol into their platform.

Big names in the industry including Mark Cuban, Binance, and Pantera have backed Injective Protocol, which is the quickest Layer 1 blockchain for finance.

This strategic integration signifies a pivotal progression in the promotion of a financial ecosystem that is both more inclusive and efficient.

The remarkable trajectory of Injective is proof of the cryptocurrency market’s dynamism as well as the opportunities that arise from savvy alliances and technical breakthroughs.

Featured image from PIxabay

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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