Token

Burn

Injective

Captain

Injective (INJ), a Cosmos-based Layer 1 blockchain, has surged over 11% in 24 hours, trading around $30, after a slower US Consumer Price Index (CPI) inflation rate and a 6 million INJ token burn. 
The price of INJ jumped 24.86% from an intra-day low of $25, reflecting positive market sentiment. During this rally, INJ’s 24-hour trading volume increased by 39.72% to $3.41 billion, and its market capitalization rose by 10.30%.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img decoding="async" width="1009" height="473" src="https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn.png" alt="Injective (INJ) Surges 11% After CPI Data and 6 Million Token Burn" class="wp-image-183658" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn.png 1009w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn-800x375.png 800w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn-768x360.png 768w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn-860x403.png 860w" sizes="(max-width: 1009px) 100vw, 1009px">
 <figcaption class="wp-element-caption">
 Injective Chart | Source: CoinmarketCap
 </figcaption>
 </figure>
</div> 
According to <a href="https://coinmarketcap.com/currencies/injective/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap data</a>, the current resistance level is around $32.07. If INJ breaks and holds above this, further gains could follow. The previous support level at $28 could offer a safety net if prices reverse. 
INJ recently broke out from a two-month consolidation period that started in mid-April, trading in a narrow range around $29 before the breakout. Positive CPI news has also boosted the macroeconomic environment, supporting this upward movement. 
According to <a href="https://www.coinglass.com/currencies/INJ" target="_blank" rel="noreferrer noopener nofollow">Coinglass data</a>, the trading volume for INJ derivatives rose by 16.67% to $946.44 million, indicating increased market action and liquidity. Open interest in derivatives also increased by 10.06% to $148.58 million, showing that new funds are entering the market. 
Crypto analyst Captain Faibik noted a significant breakout from a descending wedge pattern. INJ/USDT on Binance broke above the $29 level, suggesting further upside with a target price of around $58.50, a 127.22% increase from the current price.&nbsp; 
Another analyst, CryptoJack, shared a bullish outlook, predicting INJ could double in price. Suggesting entering a long position if INJ closes above $31, with an initial target of $52. 
With the recent price action and technical indicators aligning, INJ appears poised for continued upward momentum. The positive market sentiment and increased trading activity further support a bullish outlook for the token. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/11/shib-burn-rate-soars-2814-as-7-47m-tokens-incinerated/" target="_blank" rel="noreferrer noopener">SHIB Burn Rate Soars 2814% as 7.9M Tokens Incinerated</a> 
</blockquote>

Injective (INJ) Surges 11% After CPI Data and 6M Token Burn

The Crypto Times

Other articles published on Jun 13, 2024

Solana (SOL) Struggles with EMA100, Ethereum (ETH)'s $3500 Battle, and Furrever Token (FURR)'s Pa...

Analyzing Ethereum’s recent price drop and $1B outflow

Toncoin (TON) Best Performing Crypto in Top 100: What to Know

The Untold Stories of How Multi-billion Dollar Crypto Exchanges Were Built

Next-Gen Cryptos: 5 Altcoins That Could Change Your Financial Future!

BREAKING! US PPI Data Announced! What Was the First Reaction of Bitcoin (BTC) and the Dollar?

Join our free newsletter for daily crypto updates!