The crypto market continues to exhibit cautious trading and consolidation after experiencing recent volatility. Bitcoin and Ethereum, the two leading cryptocurrencies, are currently experiencing minor price fluctuations, showing signs of recovery after significant corrections. Bitcoin is currently trading around $41,960, experiencing a slight decrease of only 0.17% in the last 24 hours. On the other hand, Ethereum is hovering around $2,229, with a dip of 0.26% over the same period. Overall, the market seems to be taking a breather as it consolidates recent gains, with investors feeling cautiously optimistic but hesitant to push prices much higher at the moment. Trading volumes have tapered off from recent highs, and overall volatility has declined across the board.
Injective Protocol’s INJ token has experienced a pullback after reaching a new all-time high of $27.02. The current price of INJ is around $26, exhibiting a decrease of 0.83% in the past hour. However, it is important to note that despite the recent pullback, INJ has still seen significant gains, with a price increase of 12.08% in the past 24 hours. This bullish momentum has been evident in recent weeks, as the token has surged by nearly 62% over the past 7 days. Looking at a broader timeframe, INJ has gained 48% in the past 30 days and a massive 246% in the past 60 days. These staggering gains indicate strong momentum and buyer interest in the token. The trading volume of INJ has also seen a notable increase of 40% to $508 million in the past 24 hours. However, it is important to note that such significant gains and elevated trading volume also bring about increased intraday volatility, with INJ price fluctuating by nearly 15% in the past day.
Analyzing the moving averages, it is clear that INJ is currently trading above its 20, 50, and 100-day Exponential Moving Averages (EMAs). The 20-day EMA is at $18,999, the 50-day EMA stands at $16,289, and the 100-day EMA is at $13,556. These EMAs confirm the ongoing uptrend of INJ, with the current price well above these levels. The moving averages also provide potential support zones in case of any pullbacks. Both the MACD and RSI indicators reflect bullish sentiment. The MACD reading is 1.882, which is higher than the previous day’s reading of 1.436, indicating rising momentum and an overall control by bulls. INJ’s RSI has surged to 79.57, deep in overbought territory. Although this suggests the possibility of a minor pullback or consolidation, the increase from the previous day’s RSI of 75.80 indicates sustained buyer interest and no signs of weakening.
Price Levels and Support/Resistance for INJ
When looking at the technical levels, INJ is facing resistance around its new all-time high of $27.02. A successful close above this level would confirm a breakout with no further overhead resistance in sight. The next target for INJ would be the psychological $30 level. On the downside, the immediate support level lies around $24, followed by $19.488, aligning with the Fibonacci 0.382 retracement level. Further support is provided by the 0.5 and 0.618 Fibonacci levels around $16.982 and $14.476, respectively. In the event of a stall in the rally, INJ may pull back to these support areas before regaining upside momentum.
Summary
INJ is currently experiencing a firmly bullish uptrend, although the overbought RSI suggests the possibility of a minor pullback. As long as the price of INJ holds above the $24 support level, the path of least resistance appears to be pointing higher. Bullish traders may consider buying on dips, while more conservative traders could opt to wait for consolidation before entering fresh long positions.
Shifting our focus from the price gains of Injective Protocol’s INJ token, another project that has caught the attention of the crypto market is TG.Casino. Similar to INJ, TG.Casino’s native token TGC has been experiencing a surge in investor interest during its ongoing presale event. TG.Casino has integrated online gambling directly into Telegram’s messaging app, which has a massive user base of over 700 million users worldwide. This integration allows users to have a smooth, secure, and anonymous gaming experience within the app itself. Players can access a variety of gambling options such as slots, table games, live dealers, and sports betting without the need for KYC checks or providing personal details. All activities within the platform are powered by TG.Casino’s TGC utility token, providing users with access to exclusive rewards and cashback programs.
Despite being in the final stretch of its presale, TG.Casino has already raised over $3.8 million, surpassing 70% of its $5 million hard cap. The presale price for TGC tokens is currently $0.18, but this price is expected to increase in the coming days. Investors are showing interest and taking part in the presale to capitalize on the token’s potential before it is listed on exchanges. Considering the tremendous growth of the crypto gambling or “GambleFi” sector over the past year, TG.Casino is launching at an opportune time to leverage this momentum. As the volume of crypto betting continues to increase, TG.Casino’s fundamentals, growth potential, and presale popularity make TGC a token worth monitoring in the future.
