Bitcoin was back in action on Tuesday as the largest crypto asset topped $30,000 for the first time since June 10, 2022. The latest banking turbulence distanced investors, who grew more optimistic about US central bank monetary policy. A sharp rise in Bitcoin pushed the sentiments and other tokens higher.
Bitcoin was the top gainer among the top crypto tokens and surged over 6% to top the $30,000 mark. Its largest peer Ethereum also surged more than 3 per cent to hit the $1,900 level. Altcoins were also trading with big gains but underperformed the headline peers.
Injective Protocol(INJ) is a layer-one blockchain that offers open and interoperable features for creating robust DeFi applications. It uniquely provides plug-and-play financial infrastructure building blocks, including a high-performing decentralized exchange infrastructure, decentralized bridges, oracles, and a smart contract layer.
INJ has been trading above the 20-week moving average for the past few months whilst maintaining a healthy RSI of around 60. The weekly trend for Injective has formed a distinctive Double bottom pattern with an uptrend that has continued since the start of this year. The next resistance is expected at the $5.6 level and immediate support is expected at the $3.8 level.
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
