On Kraken, INJ surged to an all-time high of $49 during Friday’s early trading hours.
On Friday, the Injective Protocol (INJ) token had an unexpected surge, hitting a new all-time high of $49 on the Kraken platform.
In a tweet on X (previously Twitter), crypto research researcher Riyad Carey pointed out that the price spike was unsupported by minimal trading activity.
The two biggest deals that caused the spike, according to Carey, were supposedly worth only $70,000 and $40,000, respectively.
This indicates that widespread market optimism may not have been the cause of the spike but rather targeted market manipulation or whale behavior.
At the time of publication, the alternative’s price was $39, having subsequently been adjusted. The price of INJ has risen significantly during the last month. According to statistics from CoinMarketCap, the value of the cryptocurrency has increased by 160% in the previous 30 days, as it stands at its present price.
The altcoin’s demand has surged, which has led to a price increase. By examining the token’s 50- and 200-day simple moving averages (SMA), it was possible to confirm the increase in accumulation. When this story was written, INJ’s 50-day SMA was higher than its 200-day SMA.
The market typically sees this as a positive indicator. When a short-term SMA crosses over a long-term SMA, it forms what is known as the golden cross.
Close to the time of writing, its momentum indicators were seen near overbought highs, further indicating the rise in INJ accumulation during the last several weeks. The money flow index for the token was 76.42, while the relative strength index was 77.30.
These numbers demonstrated that INJ accumulation is outpacing distribution in the spot market, even if they do suggest a potential price drop.
Another thing that was noticed was that the Chaikin Money Flow (CMF) for the token was higher than zero. As a measure of the inflow of fresh money, a CMF number above this line indicates a robust market. Currently, INJ’s CMF is at 0.10.
The Average Directional Index (ADX) for the token indicated that bears would have a hard time reclaiming control of the market in the near future, given the bulls’ complete dominance of the INJ market.
This indicator can assess the strength of a trend. When the ADX rises above 50, it indicates that there is a strong market trend and that the price of an asset is moving strongly in one direction.
Within the time frame of this publication, INJ’s ADX represented 53. In addition to its price increase, this demonstrated the extent of the market’s optimism.
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