Crypto News – With a 10% gain on Friday to trade at $13.15, the Injective (INJ) price seems unfazed by the broad consolidation that has been visible in the cryptocurrency market since Thursday.
INJ Crypto Price Soars More Than 10% After Integration With Google Cloud
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. 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.
INJ Crypto Price Movements
One of the main factors contributing to the positive view that keeps pushing INJ higher is the completion of a double-bottom pattern in January 2023. Injective price is trading above all bull market indicators, such as the 100-week EMA (blue) and the 21-week EMA (red), according to the price levels on the weekly chart.
The Relative Strength Index (RSI) is soaring into the overbought area with a strength of 76, and the current weekly bullish candle is predicted to close over the obstacle at $14. Bulls solidified their hold on the market when INJ broke above the multi-year falling trendline of around $8.
An asset indicates that a stronger bullish trend is taking over when it breaks out of a long declining trendline. This means that in the upcoming weeks, Injective may soar above its all-time high and establish a new record high. Since the RSI is already overbought, traders need to exercise caution in order to prevent any unexpected pullbacks. The RSI would reverse into the neutral zone to signal any weakening of the rally.
About Injective and Google Cloud Integration
The core chain data will soon be available in BigQuery via the Analytics Hub for the general public due to the announcement made by the Injective development team on Tuesday regarding Injective Nexus, an integration with Google Cloud.
This suggests that consumer data from the Injective Network, including real-time financial and transaction data, can be accessed by both developers and businesses. Furthermore, customized Web3 data sets from the protocol will only be available to Google Cloud subscribers. These data sets can be used on many platforms for DeFi, machine learning, and trading strategy development.
Google Cloud to date has only offered BigQuery datasets for major blockchain networks like Bitcoin and Ethereum. Now, Injective will become part of this prominent group of Layer-1 chains.
Injective Team
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