Blockchain

Injective Price Projection: INJ Pumps 85% In A Month But Bitcoin Minetrix May Be Set To 10X

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The Injective price is trading with a bullish bias on lower and higher timeframes, up 2% in the last day. The 24-hour trading volume for INJ is up 15%, pointing to investors playing around with the token, often a bullish sign. But across October, the token pumped 85%.

INJ token holders are in elation mode, with a recent announcement indicating that the token will be available for trading on HotsCoin exchange. This listing brings more exposure for INJ tokens, leveraging the platform’s expansive user base across the United States and Canada where it holds trading licenses.

Injective price action has been exceptional in 2023, rising almost 1,150% from the depths of January around $1.124 to the current price of $13.625. All along, security and speed in transactions have abounded as investors traded INJ for profit.

Like in the case of Bitcoin, investors anticipate an even better month in November than what October delivered for Injective price. Seemingly, the assumption that October, or “Uptober” as some would have it, has always been a good month for trading, extends to November as well.

Injective Buys Into Institutional Integration

The surge in Injective price can be attributed to, among other reasons in the broader market, its new integration with BitGo. According to an official announcement, the two ecosystems come together to further advance institutional adoption in the decentralized finance (DeFi) space.

An excerpt from the official blog reads, “BitGo will seamlessly integrate INJ into its platform. This will enable some of the most influential institutional players to securely deploy and safeguard their INJ holdings. They will also be able to delve deeper into the world of Injective. In turn, this also allows both BitGo and Injective to make significant strides in advancing institutional DeFi adoption.”

BitGo has made a name for itself standing at the helm of digital asset security, custody, and liquidity services. It specializes in the provision of operational backbone for more than 1,500 institutional clients across 50+ countries. The prestigious list comprises regulated entities, including some of the world’s preeminent cryptocurrency exchanges and platforms. The integration brings all these resources to the Injective ecosystem’s doorstep.

Besides integration, the INJ network has also been active in ecosystem development, including a feature in the Hackathon where developers came together. Its efforts delivered traction for the community, evidenced by transaction volume crossing 300 million while its follower community on Crypto X breached the 400K mark.

These are not mean feats.

INJ Prognosis As Injective Price Confronts A Stiff Weekly Barrier

Injective price is trading with a bullish bias on the weekly timeframe as indicated in the chart below. Coming head-to-head with a stiff weekly resistance, the odds favor the upside with momentum still strong. Increased buying pressure above current levels, therefore, could see INJ clear the equal highs at $14.499, extending north to collect sell-side liquidity (SSL).

In a highly bullish case, the gains could extend for Injective price to test the $17.500 level, or in a highly bullish case, ascend to the $20.000 psychological level. Such a move would constitute a 45% climb above current levels.

From a technical standpoint, INJ is overbought, but still not ripe for selling. Investors should watch for the RSI to bounce above the 70 level before opening fresh long positions. Meanwhile, the Awesome Oscillator (AO) indicator being positive is a good sign, with its green histograms showing bulls maintain a strong presence in the INJ market.

TradingView: INJ/USDT 1-week chart

However, if the momentum continues to dwindle and the RSI crosses below 70, it could trigger a sell-off. This could likely send Injective price south, first losing the immediate support at $13.213. Potentially, the slump could extend for INJ to lose all the ground covered in the previous candlestick. A break and close below the $10.037 support level would invalidate the bullish thesis.

In the dire case, the downtrend could see Injective price break below the consolidation phase to collect buy-side liquidity (BSL) residing below the $5.575 critical weekly support.

Injective price outlook aside, analysts say BTCMTX could explode upon launch, with 10X growth potential in the cards for early investors.

Promising Alternative To Injective

BTCMTX is a good consideration when looking for portfolio diversification alternatives. It is the powering token for the Bitcoin Minetrix ecosystem, offering investors an easy entry into the Bitcoin (BTC) market.

Bitcoin Minetrix is a cloud mining platform, with BTCMTX holders staking their tokens for mining credits. Hence the stake-to-mine narrative. When you burn, or in simple terms, redeem your tokens, you get mining credits that can be exchanged for mining hash power.

Traders are flocking to buy BTCMTX on the Bitcoin Minetrix website, where a single token is selling for $0.0113. So far, presale collections have reached $2.915 million out of the $3.385 million target. The price is due to increase in 24 hours, meaning now is the best time to buy at a discount.

The project has decentralized and tokenized the entire Bitcoin mining process, conferring control into the hands of token holders. In doing so, it has eliminated risks relating to scams, while offering investors a cost-effective way to own BTC.

The token not only features among the top three ICOs to buy in 2023, alongside Meme Kombat and TG.Casino, but also maintains a presence among the top five cryptocurrencies to buy in November.

Visit Bitcoin Minetrix website to buy BTCMTX in the presale here.

Also Read:

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