Injective (INJ) Surges in Price and Trading Volume, Gains Investor Attention
Injective (INJ), a cryptocurrency, has experienced a remarkable surge in its value, catching the interest of investors. Throughout this week, INJ has displayed three consecutive days of positive price movement, represented by green candles on the charts. Notably, the price surge on Monday has propelled INJ to secure a prominent position among the top gainers.
In addition to the price surge, INJ has also witnessed a significant increase in trading volume, indicating a positive market sentiment. Over the past three days, the trading volumes for INJ have skyrocketed. On May 27, the daily trading volume stood at $2,520,236, but by May 29, it had surged by an impressive 508% to reach $15,342,611.
Both spot and derivatives markets have experienced substantial surges in trading volume for INJ. In spot markets, the volume surged by 671%, from $528K to $4.07M, while derivatives markets saw a surge of 465%, rising from $1.9M to $11.2M. Notably, just before this significant spike, the project initiated a weekly burn of 5,689,124 INJ. Furthermore, the Injective Chain, powered by Cosmos IBC technology, has scheduled a protocol upgrade called Avalon for this week. As of now, the proposal has received an overwhelming approval rate of 99.74%.
The Avalon upgrade is expected to bring about significant improvements to the Injective Chain, as it transitions from version 1.10 to version 1.11. Once the proposal is approved, the migration is anticipated to take place on June 1 at 14:00 UTC.
Despite its remarkable performance in terms of year-to-date gains, with a staggering 484% increase from $1.27 at the beginning of the year to $9.8 in April, INJ is currently facing a bearish trend. The negative crossover of the 8-day moving average overtaking the 5-day moving average confirms the prevailing bearish sentiment. Additionally, the parabolic SAR indicator below the current price action also indicates the bearish state of INJ.
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