Injective starts the day with a bang as INJ, the platform’s native token gained over 12% in the past 24 hours. This can be attributed to the market’s surprising rally, complemented by a market cap that is up by over 6% after its dip earlier this week.
The rally is also due to Injective’s recent achievements that spur some buzz within and outside their community. Investors might find some value on INJ as it continues to grow and innovate.
Utila Announces Support For Injective Ecosystem
Today, the institutional wallet and blockchain infrastructure-focused Utila announced its support for the Injective ecosystem. The move came after Utila acknowledged several features that make it attractive for itself and for organizations that use the platform.
🚀 Exciting News: Utila Now Supports Injective 🌐⛓️
We’re thrilled to announce that Utila now supports @injective , the blockchain built for finance, further expanding your digital asset management capabilities.
Renowned for its plug-and-play infrastructure, Injective enables… pic.twitter.com/Z64aGjIOmM
— Utila (@utila_io) August 8, 2024
“Renowned for its plug-and-play infrastructure, Injective enables the rapid deployment of sophisticated functionalities into applications, encompassing decentralized trading, lending, real-world assets (RWAs), and more,” stated Utila in their announcement post on X.
This will grow the Injective user base to not only include retail investors and crypto enthusiasts. It will help the platform grow more maturely, getting institutional-level attention through the use of its robust network while also benefiting from Utila’s strong security as well.
With interest in crypto increasing in traditional finance, the growing convenience of onboarding crypto into their portfolios will make a huge difference. This has occurred already, with more and more crypto-based exchange-traded funds (ETFs) being announced since then.
INJ Trading At A Trendline Pointing Upward
Looking at INJ’s chart, the token is currently situated on its late-November 2023 level that preceded the December rally occurring that same year. If it were to happen again, investors might see huge gains in the long term as the market warms up for more action.
However, INJ bulls are facing slight resistance on $18.02 as the candle flips red. This difficulty might slow the bullish momentum, lowering volatility as the token floats between $18.02 and $21.16. A slight pause might transpire in the short term as bulls take advantage of the low volatility to gain momentum once more.
As recession fears die down along the way, bullishness in traditional finance might continue with major indices like the S&P 500 and the Dow Jones spotted making gains which has a huge upside probability in the long run. But analysts like 8th Wonder believes that the current rally is a short squeeze as the current movement is a classic squeeze: a sharp and short uptick in price before being followed by a free fall.
If the price of major cryptocurrencies are in fact in a short squeeze, investors will inevitably feel pain in the long run.
Featured image from Facts.net, chart from TradingView
Christian Encila
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
