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Injective Protocol Breakout Analysis–INJ Pumps +70% in a Week on Binance Launchpad
After the launch of Injective Protocol on Binance Launchpad, INJ took a strong Breakout with +70% gains in a week. Let’s take a quick look at INJ, price analysis, and possible reasons for the recent breakout.
What is Injective Protocol?
Injective is the first front-running resistant, layer-2 exchange protocol that unlocks the full potential of borderless finance by supporting margin trading, derivatives, and futures.
INJ Quick Stats
| SYMBOL: | INJ |
| Global rank: | 318 |
| Market cap: | $36,295,556 AUD |
| Current price: | $2.41 AUD |
| All-time high price: | $2.60 AUD |
| 1 day: | +18.2% |
| 7 day: | +70.7% |
| 1 year: | +161.3% |
INJ Price Analysis
At the time of writing, INJ is ranked 318th cryptocurrency globally and the current price is $2.41 AUD. This is a +161.3% increase since the launch of its ICO at Binance Launchpad. Have a look at the chart below for price analysis.
After the launch of INJ on Binance Launchpad, It pumped up to $2.60 AUD having +385% gains in just a few hours and the initial opening price of INJ was $0.73 AUD at Binance Exchange with many different trading pairs like INJ/BTC, INJ/BNB, and INJ/ETH.
Currently, INJ is trading at $2.41 AUD price levels after breaking out the squeeze resistance in its sideways trend & now INJ is heading towards making a new all-time high price.
What do the technical indicators say?
The INJ TradingView indicators (on the 1 day) mainly indicate INJ as a strong buy, except the Oscillators which indicate INJ as a buy.
So Why did INJ Breakout?
After the opening at Binance Launchpad, mostly ICO’s pumps after going live on exchange for trade and, the recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some recent news of Solstice Testnet Launch.
Recent INJ News & Events:
- 29 Oct 2020 – Poloniex Listing
- 25 Nov 2020 – Gate.io Listing
- 05 Dec 2020 – Solstice Testnet Launch
- 31 Dec 2020 – Public Testnet V1 Release
Where to Buy or Trade INJ?
INJ has the highest liquidity on Binance Exchange so that would help for trading INJ/USDT or INJ/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
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