Injective Protocol INJ/USD is a little-known Ethereum-based DEX. The network claims to be an open and interoperable smart contract platform. It is optimised for DeFi applications, an area touted as monumental in the growth of decentralised finance. The DEX uses the Cosmos-backed L2 sidechain for faster speeds, decentralisation, and connection to the Ethereum chain.
Injective provides advanced smart contract features. They include forex synthetics, cross-chain margin trading, derivatives, and futures. The DEX aims to eradicate barriers that limit access to the DeFi sector. It also removes gas fees and ensures high transaction speeds for limitless trading.
INJ token powers the Injective network. It helps in governance and ensures the security of the DEX. The token also enables derivatives collateralisation and is used to reward the market makers.
While the Injective Protocol has been in the market since 2018, it has attracted less attention. That’s partly because it ranks lowly at #159 on CoinMarketCap. Its market cap is only $135.6 million.
INJ eyes a crucial breakout after double-digit weekly gains
Considering price data, INJ hit $27 last year before the market crash. The token’s low in the year remains at $1.13, but recent recoveries have taken the token to $1.8. Are we set for an explosive move?
Source – Trading
The daily chart outlook is positive for the Injective Protocol token. While the cryptocurrency faces rejection at the $2 level, momentum is strong from the MACD indicator.
The token has attempted a breakout at $2 multiple times. That suggests that buyers are gathering momentum. On the downside, INJ has rejected a decline below $1.74 since August.
Should you buy INJ
While investing in INJ at the moment is premature, a potential breakout would be a win for bulls. Investors should buy on a breakout or further lower on the current correction.