- The number of active addresses increased as the project confirmed new developments during the week.
- INJ price action turned positive after benefiting from the $6.28 support.
For the past seven days, injective protocol [INJ] made some notable ones developments and progress. The protocol, which focuses on decentralized derivatives trading, has integrated Polygon [MATIC]. In the same period it also released the Avalon Mainnet.
A notable development is that the Avalon Mainnet upgrade would improve interoperability. It also presents an opportunity to improve the project’s user experience in the DeFi space.
In addition, the integration allows users to access INJ tokens and increase liquidity while contributing to INJ’s growth and visibility.
An increase in activity and a decrease in development
After development, Injective’s seven-day active addresses increased to 1005. This metric indicates the level of interaction with the public by measuring the number of different addresses that participated in a transfer.
So the increase suggests that quite a few INJ holders have ignited again their interest in transactions with the token, further driving interest and engagement.
However, the upgrades and interaction during the week were expected to improve Injective’s development activity. And it sure did. But the same statistic had dropped to 6.31 at the time of writing.
Source: Sentiment
This implies that developers had slowed down their commitment to the upgrades on the network. And as such could impact the bullish gains INJ has seen over the period.
While Injective Protocol has been expand its partnerships and collaborations, the token emerged as one of the best performing assets in the market.
Volume is down, but INJ price action remains bullish
At the time of writing, INJ’s price was close to $8. But its volume, which had risen to 92.51 million on June 2, fell to 39.94 million at the time of going to press.
Sometimes a clear signal, such as a decrease in transactions could determine where the price action could go.
Hence, the drop in volume suggests that the INJ price action could yield a bearish outcome. This would be the case provided that the transaction volume does not start to rise again.
Source: Sentiment
After printing greens for days during the week, the technical outlook indicated that the token could do more. From a technical standpoint, the Awesome Oscillator (AO) was 0.70
Typically, a positive reading suggests that the 5-day moving average (MA) moved faster than the 34-day MA. And since the value rose above zero, this implies one shift towards the bullish momentum.
How many Worth 1,10,100 INJs today?
According to the daily time frame, INJ created solid support at $6.28 on May 29. The price action also managed to overcome the $7.55 resistance on May 31.
Therefore, the Moving Average Convergence Divergence (MACD) is aligned with a bullish bias. With the blue dynamic line above the orange, the indicator indicated that buyers were in control.
Source: TradingView
