Injective starts the day with a bang as INJ, the platform’s native token gained over 12% in the past 24 hours. This can be attributed to the market’s surprising rally, complemented by a market cap that is up by over 6% after its dip earlier this week. Related Reading: Dogecoin Price Looking Stronger – ‘Expect Massive Gains’, Analyst Predicts The rally is also due to Injective’s recent achievements that spur some buzz within and outside their community. Investors might find some value on INJ as it continues to grow and innovate. Utila Announces Support For Injective Ecosystem Today, the institutional wallet and blockchain infrastructure-focused Utila announced its support for the Injective ecosystem. The move came after Utila acknowledged several features that make it attractive for itself and for organizations that use the platform. ???? Exciting News: Utila Now Supports Injective ????⛓️ We’re thrilled to announce that Utila now supports @injective , the blockchain built for finance, further expanding your digital asset management capabilities. Renowned for its plug-and-play infrastructure, Injective enables… pic.twitter.com/Z64aGjIOmM — Utila (@utila_io) August 8, 2024 “Renowned for its plug-and-play infrastructure, Injective enables the rapid deployment of sophisticated functionalities into applications, encompassing decentralized trading, lending, real-world assets (RWAs), and more,” stated Utila in their announcement post on X. This will grow the Injective user base to not only include retail investors and crypto enthusiasts. It will help the platform grow more maturely, getting institutional-level attention through the use of its robust network while also benefiting from Utila’s strong security as well. With interest in crypto increasing in traditional finance, the growing convenience of onboarding crypto into their portfolios will make a huge difference. This has occurred already, with more and more crypto-based exchange-traded funds (ETFs) being announced since then. INJ Trading At A Trendline Pointing Upward Looking at INJ’s chart, the token is currently situated on its late-November 2023 level that preceded the December rally occurring that same year. If it were to happen again, investors might see huge gains in the long term as the market warms up for more action. However, INJ bulls are facing slight resistance on $18.02 as the candle flips red. This difficulty might slow the bullish momentum, lowering volatility as the token floats between $18.02 and $21.16. A slight pause might transpire in the short term as bulls take advantage of the low volatility to gain momentum once more. Related Reading: Polkadot Developments Show Strength, Despite Coin’s 18% Loss As recession fears die down along the way, bullishness in traditional finance might continue with major indices like the S&P 500 and the Dow Jones spotted making gains which has a huge upside probability in the long run. But analysts like 8th Wonder believes that the current rally is a short squeeze as the current movement is a classic squeeze: a sharp and short uptick in price before being followed by a free fall. If the price of major cryptocurrencies are in fact in a short squeeze, investors will inevitably feel pain in the long run. Featured image from Facts.net, chart from TradingView
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Nigerian SEC Cracks Down on Unlicensed Crypto Entities: Protecting Investors Amid Bitcoin Regulation
The Nigerian Securities and Exchange Commission (SEC) is intensifying efforts to regulate the cryptocurrency market to safeguard investors. This development comes shortly after the SEC granted licenses to two digital NewsBTC
Ethereum Price Recovers Higher But Lacks Bullish Drive To Test $2,500
Ethereum price is attempting a recovery wave above $2,320. ETH might struggle to gain pace for a move toward the $2,500 resistance zone. Ethereum is attempting a recovery wave above the $2,250 zone. The price is trading above $2,320 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,400 resistance to continue higher in the near term. Ethereum Price Recovers Above $2,320 Ethereum price started a recovery wave above the $2,250 level. ETH was able to clear the $2,280 resistance zone to move into a positive zone, but momentum was weak compared to Bitcoin. There was a move above the 50% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. The bulls were able to push the price above the $2,320 resistance zone. The price even spiked above the $2,350 level. Ethereum price is now trading above $2,320 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2,320 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,375 level. The first major resistance is near the $2,400 level or the 76.4% Fib retracement level of the downward move from the $2,488 swing high to the $2,150 low. A close above the $2,400 level might send Ether toward the $2,450 resistance. The next key resistance is near $2,500. An upside break above the $2,500 resistance might send the price higher toward the $2,550 resistance zone in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near $2,320 and the trend line. The first major support sits near the $2,240 zone. A clear move below the $2,240 support might push the price toward $2,150. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits at $2,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,320 Major Resistance Level – $2,400 NewsBTC