Is Injective Protocol (INJ) cheap ahead of Project X Launch?

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Is Injective Protocol (INJ) cheap ahead of Project X Launch?

By Crispus Nyaga - min read

Injective Protocol price has been in a bullish trend in the past few weeks as investors wait for the upcoming Project X. It also rose as the market focused on the growing total value locked (TVL) in its ecosystem. INJ rose to a high of $2.22, which was the highest level since August 11. Its market cap has risen to over $153 million.

Project X launch coming up

Injective Protocol is a leading blockchain project that is aimed for the Decentralized Finance (DeFi) industry. Built on top of the Cosmos ecosystem, the company is backed by companies like Binance, Pantera, and Jump Crypto.

Injective Protocol aims to be a better alternative to Ethereum in terms of its optimization to DeFi. Some of its features are its cross-chain interoperability, intuitive developer experience, low fees, and is highly environmentally friendly.

INJ price has risen sharply in the past few days as investors focus on the upcoming Project X launch. Project X is the next-generation DeFi protocol that is made up of two key components. First, it has an automated strategy vault for marketing and passive yield generation. 

As such, it will help users provide passive liquidity and access trading strategies that were inaccessible to everyday users. These vaults will act as an Automated Market Maker (AMM) without any impermanent loss risk.

Second, Project X will introduce a one-click launchpad for fundraising and listings. This launchpad will allow any developer to permissionless fundraise for a project and instantly list it on Injective exchange dApps in just a single click.

INJ price has also risen because of the rising total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL in its ecosystem has risen from $35 million in June to over $103 million.

INJ price prediction

The daily chart shows that the Injective Protocol price has been in a bullish trend in the past few months. In this period, it has moved above the ascending trendline shown in green. It moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has risen above the neutral point.

Therefore, the INJ price will likely continue rising as bulls target the next key resistance level at $3. A move below the support level at $2 will invalidate the bullish view.

How to buy Injective Protocol

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy INJ with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy INJ with KuCoin today