{"id":565940,"date":"2023-12-19T07:21:52","date_gmt":"2023-12-19T07:21:52","guid":{"rendered":"https:\/\/www.wncen.com\/?p=565940"},"modified":"2023-12-19T07:25:08","modified_gmt":"2023-12-19T07:25:08","slug":"injective-inj-rockets-to-fresh-ath-with-2700-surge-find-out-more","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/injective-inj-rockets-to-fresh-ath-with-2700-surge-find-out-more\/","title":{"rendered":"Injective (INJ) Rockets To Fresh ATH With 2,700% Surge – Find Out More"},"content":{"rendered":"
Driven by heightened futures trading volumes and leverage, the price of Injective<\/a> (INJ) has soared to unprecedented levels of around $38.49, marking a remarkable 2,700% surge year-to-date.<\/p>\n Notably, within a single day, the native token of the decentralized finance (DeFi) platform Injective<\/a>, exhibited resilience and potential, demonstrating a noteworthy increase of 24% in its value.<\/p>\n 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.<\/p>\n 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.<\/p>\n The weekly timeframe’s technical analysis reveals that the price of INJ has risen sharply<\/a> since the year’s beginning. As of this writing, the altcoin has experienced a strong seven-day gain of 45%.<\/p>\n The price increase for INJs reached a new peak of $34.60 last week, representing an increase of 2,700% in 2023.<\/p>\n 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.<\/p>\n <\/p>\n Experts are more confident due to Injective’s decentralized finance (DeFi) platform’s increasing popularity and strong performance in spite of market turbulence.<\/p>\n Meanwhile, here’s what the analysts are saying about INJ’s price performance this week:<\/p>\n 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.<\/p>\n $INJ<\/a> is making highs after highs and investors are in love with it.<\/p>\n But what has possibly happened in the recent days that ignited this price action?<\/p>\n Let’s check it out \ud83d\udc47<\/p>\n \u25aa\ufe0f Surge in Perpetual Futures Trading: Injective Protocol’s significant price increase is propelled by a\u2026 pic.twitter.com\/IUWZPJeiCU<\/a><\/p>\n \u2014 Our Crypto Talk (@ourcryptotalk) December 14, 2023<\/a><\/p><\/blockquote>\n Victorious, another cryptocurrency analyst, is upbeat\u00a0because of\u00a0a short-term Wyckoff Accumulation pattern.<\/p>\n In financial markets, the Wyckoff Accumulation pattern is a technical analysis idea that is very useful when trading equities or cryptocurrencies.<\/p>\n Would love to long $INJ<\/a> inside the H1 FVG, clean IRDRI<\/p>\n Or is this an already swept range so price can go either way?<\/p>\n Or is this just a bearish H1 structure so shorts are favored?<\/p>\n Or did we lose the “trendline” so we are going to 0?<\/p>\n This just shows that you can draw whatever\u2026 pic.twitter.com\/d39486NqvB<\/a><\/p>\nINJ price action. Source: Coingecko<\/a><\/pre>\n
INJ market cap at $3.2 billion on the daily chart: TradingView.com<\/a><\/pre>\n
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