DeFi coin Injective (INJ) back on track

The price of the Layer-1 protocol Injective (INJ) is on the rise this week. The coin is up 15% over the past seven days. This makes INJ one of the strongest price performers among the top 100 altcoins. Injective can be bought on the Anycoin Direct platform. The coin has been added this week.

The Injective blockchain, which is based on the Cosmos SDK, was developed specifically for DeFi. Its focus is on providing decentralized apps. The protocol allows developers to create highly sophisticated and scalable dApps using the plug-and-play Web3 modules.

If the bulls can break the resistance level of US$9, the uptrend should extend toward US$10.55. That would be Injective's highest point this year, Injective already failed here twice in 2023.

Should the INJ price be able to dynamically break through this key resistance zone, a march through above $11 is conceivable. This zone is derived from November 2021. Looking beyond that, the price of 12.93 comes into view. Looking at the November 2021 highs, the price of $14.12 is not ruled out.

After Bitcoin briefly broke the 30K mark, many cryptocurrencies jumped with it.