The extensive consolidation that has been seen in the cryptocurrency market since Thursday has not affected the price of Injective (INJ), which rose 10% on Friday to trade at $13.15. The interoperable Layer-1 blockchain, which powers the next wave of decentralized finance applications (DApps), is getting close to reaching its all-time high of $24.89. The blockchain has surged by an incredible 547% since the year’s beginning.
Injectable Cost Forecast: INJ Nears a Crucial Turnaround
INJ is about to decide on its next move by taking on one of the key resistance levels ($14), which it attempted to test in the final two quarters of 2022 but was unable to do so.
The optimistic perspective that keeps pushing INJ to higher levels was considerably aided by the completion of a double-bottom pattern in January 2023. The 21-week Exponential Moving Average (EMA) (red) and the 100-week EMA (blue) are two bull market signs that the injective price is trading above, according to the weekly chart’s price levels.
With the Relative Strength Index (RSI) gloriously advancing into the overbought region with a strength of 76, bulls solidified their hold on the market as INJ broke above the multi-year falling trendline at $8. The ongoing weekly bullish candle is anticipated to close above the hurdle at $14.
An asset confirms the emergence of a stronger bullish trend when it breaks out of a protracted declining trendline. Because of this, Injective has the potential to soar over its peak and establish a new record high in the upcoming weeks.
Considering that the RSI is already overbought, traders must remain cautious in the interim to prevent unexpected pullbacks. The RSI would reverse into the neutral zone if there were any indications that the uptrend was faltering.
Dips towards INJ’s $8 local support could present investors who may be feeling disinclined to participate in the robust rebound with advantageous entry opportunities. As an indication for advances to the ATH, a natural break and hold above the immediate $14 resistance could be seen on the upside.
Injective Amazes Community Through Integration With Google Cloud
The development team of Injective announced on Tuesday the launch of “Injective Nexus,” or the integration with Google Cloud, ushering in an exciting new era in which core chain data is “accessible in BigQuery through the Analytics Hub” for the general public.
1/ Introducing Injective Nexus: Injective’s official data integration & availability on Google Cloud.
Now core chain data from the Injective network will be accessible in BigQuery through the Analytics Hub, Google Cloud’s exclusive data sharing platform.https://t.co/V5gOyvAQe2
— Injective 🥷 (@Injective_) October 24, 2023
This suggests that client data, including real-time financial and transaction data, can be accessed by both developers and businesses from the Injective Network. Additionally, Google Cloud users will be the only ones with access to customized Web3 data sets from the protocol, which can be used for machine learning, DeFi, and trading strategy development on a variety of platforms.
The company stated in a blog post that “BigQuery datasets for major blockchain networks like Bitcoin and Ethereum have only been offered by Google Cloud to date.” “Injective will now join this notable group of Layer-1 chains.”