Moving forward, we’ll first ensure you all know what the INJ crypto is. Next, we’ll cover the basics of the Injective project. This is where you’ll get to find out the gist of this raging protocol and how the Injective token fits into the picture.
Then, we’ll take a closer look at the INJ crypto coin. We’ll cover its purpose, use cases, and tokenomics. Next, we’ll analyze the asset’s price action. This is where we’ll also use some TA tools to outline the token’s main levels of support and resistance. Plus, we’ll also run the INJ crypto’s price by the ultimate Money Line indicator.
Moreover, we’ll shatter the myth of long-term price predictions: however, you’ll learn how you can use the power of Moralis Money to make short-term price predictions with increased probability. Furthermore, you’ll also find out how to use this top crypto trading tool to help you decide if/when to buy $INJ.
Last but not least, for those of you who may decide to get a bag of the Injective token, we’ll also explain where you can find the right market for you.
What is INJ Crypto?
INJ crypto primarily refers to the native cryptocurrency of the Injective Protocol, known as INJ. However, the term extends beyond just a digital asset. After all, it encapsulates the broader ecosystem of the Injective project and its protocol.
So, to properly answer the above question, we ought to take a proper look at the Injective project and the Injective token. And that’s exactly what we’ll do throughout the following sections.
Injective Project and Protocol Overview
The Injective project is at the forefront of revolutionizing decentralized finance (DeFi). It provides users with a robust and versatile platform built on blockchain technology. By most definitions, the Injective protocol qualifies as a Layer-1 (L1) blockchain network. However, it’s worth pointing out that it is built on top of the Cosmos (formerly known as Atom) ecosystem; thus it deploys the Cosmos technology.
Here are some key aspects that define the essence of the Injective project:
- Seamless Cross-Chain Transactions – Injective stands out for its ability to facilitate seamless cross-chain transactions. This allows users to interact with various blockchains effortlessly. With support for popular chains such as Ethereum, Solana, Cosmos Hub, and more, Injective empowers users to transact and engage with diverse assets across different blockchain networks.
- Decentralized Exchange Protocol – At its core, Injective is a decentralized exchange (DEX) protocol. However, it introduces a novel approach to on-chain order matching called the Frequent Batch Auction (FBA) model. This model enhances capital efficiency and eliminates front-running possibilities, providing users with a fair and efficient trading experience.
- Cosmos Framework: Cosmos SDK and CosmWasm – As mentioned above, the Injective blockchain is built on Cosmos, using the Cosmos Software Development Kit (SDK). Hence, it leverages Cosmos’s modular and interoperable nature. Moreover, Injective supports CosmWasm. The latter is a smart contracting platform designed for the Cosmos ecosystem. This gives devs the flexibility to create and deploy smart-contract-powered applications on Injective seamlessly.
- Proof of Stake (PoS) Security – The Injective blockchain is powered by a PoS consensus mechanism, which has been recognized as a more sustainable model for validating on-chain data.
- The Injective Token (INJ) – INJ is the lifeblood of the Injective protocol and a key component that allows developers and users to interact with this blockchain network.
Injective Hub
Injective Hub serves as the central gateway for users to dive into the vibrant ecosystem of Injective Protocol. Packed with essential features, the Hub ensures a seamless and user-friendly experience for all participants. Here’s a snapshot of the key components:
- Wallet: The Injective Wallet provides users with a comprehensive view of their assets on Injective, including native tokens and those bridged from Ethereum, Moonbeam, and other IBC-enabled chains.
- Bridge: This component allows users to transfer assets between different blockchains, including Ethereum, Solana, Cosmos Hub, and more.
- Staking: Users can participate in the proof-of-stake mechanism by staking INJ tokens to validators and earn rewards in return.
- Governance: INJ holders can join the democratic process of shaping the future of Injective by participating in governance. They can submit proposals, vote on changes, and actively contribute to the evolution of the platform.
- Auction: Community members bid with INJ for a share of trading fees collected by Injective in the weekly Burn Auction.
- Insurance Funds: Users can also explore sophisticated derivatives markets on-chain. The hub gives them the ability to create and contribute to insurance funds, ensuring risk mitigation within the ecosystem.
All-in-all, the Injective Hub acts as a hub of decentralized finance (DeFi) activities. It offers users a holistic and feature-rich platform to explore, transact, and actively participate in shaping the future of finance.
Getting Started with Injective
The project’s official website offers neat four-step instructions on how to get started as an individual or developer. So, if you wish to start using the Injective blockchain, make sure to visit the above-outlined website. However, here’s the gist of it:
- Starting as an individual:
- Starting as a developer:
If you are a developer interested in building on top of the Injective network, make sure to dive into the project’s documentation:
Injective Token Closeup
By this point, you already know that $INJ serves as the fuel for the Injective network. It powers Injective’s decentralized finance (DeFi) platform thus offering users a gateway to a wide array of financial applications and services within the Injective ecosystem.
Moreover, the INJ crypto token plays a pivotal role in securing the Injective blockchain through a PoS consensus mechanism. Beyond its security function, INJ serves as a governance token. As such, it allows community members who hold and stake INJ to actively participate in shaping the future of the Injective ecosystem. From voting on proposals to influencing key decisions, governance on Injective is truly decentralized.
The Injective token’s economics (tokenomics) was designed to ensure the sustainability and growth of the ecosystem. The maximum total supply of the INJ crypto was set to 100,000,000 tokens, which is very low compared to some other altcoins. This allows INJ to experience controlled inflation that gradually decreases over time. Moreover, Injective’s deflationary mechanisms, including burn auctions, contribute to reducing the total INJ supply. This fosters scarcity and potential positively impacts the asset’s value appreciation.
INJ Crypto Price Analysis
Backed by Binance Labs, the Injective token debuted on Binance on October 19, 2020, at $0.4. However, the first week was quite turbulent for the INJ crypto price, reaching as low as $0.18 and as high as $1.49.
If you were around the crypto sphere back in 2020, you probably remember that at the time of $INJ’s listing, the crypto markets were in a clear uptrend after recovering from the pandemic crash back in March. This overall positive sentiment sent INJ on quite an impressive rally.
So, between October 2020 and April 2021, the asset’s price increased by multiple thousand percent. The token crossed the $25 mark in April but set its all-time high (ATH) at the time in early May 2021 at $25.306.
Like for many other altcoins, the Spring of 2021 marked the cycle top for $INJ.
After its peak, the INJ price started to decrease; however, the asses did offer a relief rally at the end of 2021 as Bitcoin was setting its ATH. However, the price didn’t close any weekly candles above $14 during that period.
The bear market bottom for $INJ came in mid-June 2022 when the price revisited one of the early levels of support at approximately $1.12. From that local low, the token’s value increased by roughly 170% by the end of October 2022. However, after a rejection at $3, the price plummeted by 60% and revisited the $1.2 level.
The price bottomed out by the end of the year and started to recover in January 2023. At the time, only investors with strong conviction about the INJ crypto’s potential suspected that this could be the beginning of a massive run.
Well, what followed was a spectacular year for the Injective token – a 3000%-plus increase.
INJ Crypto TA and Money Line
In the above chart, we marked all the key levels of support (S) and resistance (R) for $INJ. This type of charting is one of the core TA tools – it is very basic yet extremely powerful. After all, these levels help us predict the most likely price targets.
The above chart also includes trading volume and RSI, both quite popular and rather essential indicators. However, instead of analyzing these common indicators, we prefer to utilize the power of Money Line – the best crypto charting tool. And by using it on a weekly and daily timeframe, it clearly shows that the Injective is in a bullish trajectory:
Note: To learn more about this powerful indicator, follow the “Money Line indicator” link in the introduction. And if you wish to get your hand on this powerful tool, make sure to opt in for the Moralis Money Pro or Starter plan.
Injective Token Price Prediction
As you can see in the chart above, $INJ set its new ATH on December 12, 2023. As such, the token entered a price discovery mode, with no S/R targets to the upside. However, according to statistics, a retest of the previous ATH is quite likely. Thus, a region around $25 would be a legitimate INJ price prediction for one of the future corrections.
Still, such a correction may come only after INJ climbs a lot higher than its current levels around $37. In that case, we may not see $25 again during this bull run.
As for the upside targets, the Fibonacci retracement tool can offer some tangible levels for speculative predictions. The most optimistic one (the “4.236” extension) points to $103.
However, you should not take any of the 2024 or 2025 INJ price predictions seriously. After all, they are all pure guesses as no one really knows what will happen. In fact, most of those guesses (if not all) will be way off.
Instead, you ought to make a habit of considering the tokens’ live prices in combination with their real-time on-chain metrics. This way, you can determine the tokens’ momentum and even most likely short-term price targets.
And luckily, you can do this for free with Moralis Money token pages – the best cryptocurrency analysis sites. There, you can find the “Price Chart” and “Alpha Metrics” sections, which provide you with all the insights you need to make informed decisions about altcoins.
Should I Buy $INJ Crypto?
By using the above sections, you should be able to determine if you find the Injective project and the INJ token interesting. If so, then you need to answer the above question. To do so, make sure to consider your current financial situation, your risk aversion, and your upside expectations.
After all, the Injective market cap is already quite high. Sure, it may still do another 10x or even more; however, expecting anything more would be rather unreasonable. Of course, you can always trade the Injective token instead of HODLing it.
Whatever your plans for $INJ may be, you ought to always consider its live price and its real-time on-chain metrics before deciding if/when to buy. And the best place to do that is the Moralis Money Injective Token ($INJ) page.
So, follow the above “$INJ” link or use the interactive widget below to answer the above question with confidence.
Where to Buy the Injective Token?
If you decide you wish to get a bag of $INJ, you have several options. Just use the “Market” section on CoinGecko or CoinMarketCap page for that token. There, you’ll find a list of all CEXs and DEXs that offer the relevant training pair, including the trading volume. As such, you can easily pick a market that best suits your goals.
What is INJ Crypto? Injective Token Price & On-Chain Trading Signals – Key Takeaways
- The Injective project is all about the Injective network and its DeFi protocol. It offers an entire ecosystem of tools and dapps that individuals and developers can use to join the DeFi revolution.
- The INJ crypto coin is the chain’s native cryptocurrency that secures the networks, powers the transactions, and serves as a governance token.
- 2023 has been an incredible year for Injective as the token increased in value by more than 3,000%.
- After breaking above its previous ATH on December 12, 2023, $INJ entered a price discovery mode.
- The best tool to decide if/when to buy (or sell) $INJ is Moralis Money’s Injective Token page.
Whether you end up buying or trading INJ, you ought to consider other altcoins. After all, the average alt tends to increase by 50-70x during a bull market.
Luckily, you can use the full arsenal of crypto analysis tools and crypto trading tools offered by Moralis Money to spot the best altcoin opportunities. Particularly powerful is the platform’s core feature – Token Explorer, which serves as the ultimate crypto scanner.
So, make sure to start making the most of Moralis Money’s crypto pump detector today!
