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Injective (INJ) price was not affected by the consolidation that followed the volatile market movements. It presented a different image from its competitors in the crypto market outlook since Thursday and found buyers at $13.15 with a 10% increase on Friday. It has experienced a massive price increase of 547% since the beginning of 2023. The altcoin is also approaching its all-time high level of $24.89.
INJ had two unsuccessful attempts in the last two quarters of 2022 and failed to overcome the $14 main resistance level after testing it twice. It seems like INJ will face this point again in the coming days, and the direction it will take will be revealed.
The double bottom in the formation that emerged in January 2023 was completed. This formation contributed to the upward price movement of INJ. In weekly chart analysis, the Injective price was moving with a bullish market outlook, including the 21-week Exponential Moving Average (EMA) (red) and the 100-week EMA (blue).
With bulls breaking the multi-year descending trend line at the $8 price level and the Relative Strength Index (RSI) reaching 76 and entering the overbought zone, it is likely that the ongoing weekly uptrend may bring a close above the critical $14 level.
Meanwhile, considering that the RSI already indicates overbought conditions, traders should be cautious about potential sudden sell-offs. A weakness in the uptrend could alleviate investors’ concerns as RSI returns to the neutral zone.
Investors continue to show enthusiasm in evaluating possible pullbacks to the $8 level. On the upside, a breakout and a hold above the $14 resistance level can increase investors’ ATH expectations.
Injective Impresses the Community with Google Cloud Integration
The Injective development team made an announcement on Tuesday. In the announcement, the integration with Google Cloud called InjectiveNexus was introduced, and the following statement was made:
It opened an exciting period where core chain data can be accessed through “Analytics Hub via BigQuery” by a wider mainstream world.
In addition, a new feature was introduced for Google Cloud customers. Customers will have special access to Web3 datasets that can be used in various platforms for DeFi, machine learning, and trading strategy creation.
The statement made by the team was as follows:
Google Cloud previously offered BigQuery datasets only for major blockchain networks like Bitcoin and Ethereum. Now, Injective will be part of this leading group of Layer-1 chains.
