Injective Price Up 30% in Seven Days, This New Web3 Coin is Tipped For Similar Success – Time to Buy?
Injective (INJ), which describes itself as the fastest proof-of-stake layer-1 blockchain that is “shaping the future of finance”, has seen its price pump recently.
Indeed, in the last seven days, its price has rallied over 30%, making it the best-performing cryptocurrency in the top 100 by market capitalization over this time period according to CoinGecko.
The rally has eased in the last few days.
INJ/USD was last changing hands close to $9.0, down around 10% from earlier weekly highs at $10, but also up around 10% from earlier session lows in the low-$8.0s.
On the month, the cryptocurrency is up a stunning more than 100%.
Meanwhile, gains on the year are above 600%.
INJ has a market cap of around $720 million, ranking it as the 67th largest cryptocurrency in the world.
The cryptocurrency’s pump came ahead of an announcement of a partnership with Chinese tech giant Tencent’s Cloud subdivision.
According to a tweet put out by the official Injective Twitter account on the 17th of April, the two are joining forces to “support builder in the Injective ecosystem”.
“This collaboration aims to contribute to the growth of the Injective ecosystem, starting with developers in the Injective Global Virtual Hackathon”.
For reference, Tencent is the largest Chinese company by market capitalization and one of the biggest companies in the world.
So the partnership is a big deal.
The blockchain also recently surpassed the 200 million mark, a hugely impressive milestone.
Where Next for Injective (INJ)?
It's no surprise that INJ has run out of momentum in the $10 area.
This was a key local top from back in early February 2022.
If the cryptocurrency is able to maintain its recent upside momentum and break above the key psychological $10 level and resistance in this area, then a rally towards a cloud of resistance in the form of the mid to late-2021 highs in the $14-17 area is on the cards.
That would mark a further rally of at least 60% from current levels, small fries compared to the gains already posted by Injective so far on the year.
However, the risk that profit-taking weighs on the price in the near term is high given that INJ’s 14-Day Relative Strength Index (RSI) is signaling that the cryptocurrency is highly overbought, with a score of 75.
DeeLance (DLANCE) – An Injective (INJ) Alternative to Consider
While the near-term price outlook for Injective (INJ) is potentially very strong, investors should nonetheless always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One such project that the team has identified as having a very strong potential is DeeLance.
DeeLance, which is building an immersive non-fungible token (NFT)-powered metaverse platform to unite businesses and freelancers, has been billed by observers as revolutionary for the recruitment industry.
The project has already raised a whopping near-$300,000 in just a few weeks since the launch of its DLANCE token presale.
Investors are encouraged to move quickly to secure tokens, as is just over four days the price will rise from its current super-cheap $0.025 level.
Given that DLANCE will debut on major cryptocurrency exchanges later this year at $0.53, investors who get in now can be sat on gains of over 100%.