NOIDA (CoinChapter.com) — Injective Protocol updates in recent weeks have ‘bullish’ written on them. Still, the network’s native crypto INJ is unresponsive — in a holding pattern — as its price stabilizes around $35.
Factors like the launch of Injective Bridge v2 and adding new assets to its DEX likely helped INJ’s price rally 157.8% since October 2023. As a result, the token has led to increased trading volume and a new all-time high in total value locked (TVL) on the platform, indicating strong market interest and the potential for further expansion.
Injective Protocol Completes Token Launch Event
The blockchain project recently completed a token burn event scheduled for Feb. 14, highlighting that Injective Oritticik’s million worth of INJ tokens have been burned, showcasing Injective’s aggressive approach to maintaining a robust economic model.
Burning tokens is a strategy that helps reduce the overall supply, potentially leading to an increase in token value. Moreover, Injective Protocol burned 6,200 INJ tokens during the event. The burn event added to the $200 million in INJ tokens the project has already burned.
INJ Price Continues Consolidating
INJ price continued consolidating after falling below the 20-day EMA (red wave), with the token dropping nearly 0.6% to reach a daily low near $33.5 before correcting.
Injective Protocol updates could help INJ price rally to the resistance near $40.3. Moreover, breaking and consolidating above the immediate resistance might help the token target the resistance near $46 before retreating.
However, if news of Injective Protocol’s latest updates fails to attract traders, the token’s price might drop to the 100-day EMA (blue wave) support near $29.7.
Breaching the immediate support might see short traders pouncing on the opportunity, with INJ price falling to the 200-day EMA (green wave) support near $23 before recovering.
The RSI for INJ remained neutral, with a score of 49.19 on the daily charts.
