Cryptocurrency analysts name the token that managed to grow by more than 900% in 10 months

Despite a prolonged bearish trend, the price of the Injective token (INJ) has increased by more than 930% since the beginning of the year. The market capitalization of INJ is currently $ 1.1 billion. The asset’s daily trading volume hovers around $ 89 million, which is relatively small compared to its market capitalization.

At the beginning of this month, INJ’s price successfully overcame the Fibonacci level of 0.382, located around $ 10.4. The next significant level is at $ 16.2 with additional horizontal resistances ranging from $ 16.65 to $ 25.3. The Relative Strength Index (RSI) is currently neutral. However, there are also positive signals: the MACD lines have recently formed a bullish crossover, and the MACD is showing an uptrend for the first time on the monthly chart.

Analysts have suggested that INJ could continue to grow and reach the «golden ratio» at $ 16.2 — currently, the token is trading at $ 14. However, in the event of a correction, it should be borne in mind that Injective has significant support around $ 8.4 and $ 5.6. An additional level of support will be the 50-week EMA, which is located at $ 6.4.

Injective is a first-tier blockchain that aims to power next-generation decentralized financial applications (DeFi), such as decentralized spot and derivatives exchanges, forecasting markets, and lending protocols. The Injective ecosystem has more than 100 projects and over 150,000 community members worldwide. It is backed by investors such as Binance, Pantera Capital, Jump Crypto, and Mark Cuban. The INJ token is Injective’s native utility token and can be used for a variety of purposes, including protocol management, dApp value fixing, PoS security, developer incentives, and staking.