Injective (INJ), a so-called “proof-of-stake layer-1 blockchain that is “shaping the future of finance”, has seen a surge in value over the last seven days.
CoinGecko reports that the price of INJ has increased by over 30%, making it the top-performing cryptocurrency in the top 100 by market capitalization within this period.
At present, INJ is changing hands near $9.0, down around 10% from weekly highs at $10, but up around 10% from earlier lows in the low-$8.0s.
INJ is now boasting a market capitalization of around $720 million, which places it as the 67th-largest cryptocurrency in the world.
The recent rally came prior the announcement of the partnership of Injective with the Tencent Cloud subdivision.
On the 17th of April, the official Injective Twitter account declared that the two will be working together to “support builder in the Injective ecosystem”.
Tencent is the most valuable Chinese company by market capitalization and one of the biggest firms across the globe. Therefore, this partnership is considered a big deal.
INJ also recently surpassed the 200 million mark, a remarkable milestone.
Where Will Injective (INJ) Go Next?
This recent price surge seems to have reached its peak in the $10 area.
This zone was a major local peak in early February 2022.
Should INJ sustain its upward momentum and break above the psychological $10 level and resistance in this region, then a surge towards a cloud of resistance formed by the mid to late-2021 highs in the $14-17 area is possible.
If this happens, it would equate to an additional increase of at least 60% from current levels, trivial compared to the gains already achieved by INJ this year.
However, the threat of profit-taking leading to a price drop in the short-term is great, as the cryptocurrency’s 14-Day Relative Strength Index (RSI) is at 75, indicating that it is highly overbought.
DeeLance (DLANCE) – A Potential Alternative to Injective (INJ)
Investors should always be on the lookout for opportunities to diversify their crypto portfolios.
One potentially lucrative strategy that investors may want to try is investing in crypto presales.
In this scenario, investors buy the tokens of upcoming crypto projects to fund their development.
These tokens are usually offered at a very low price, and there is a long history of presales granting huge gains to early investors.
The Cryptonews team spends a lot of time tracking presale projects to help out investors.
One such project that they have identified as having strong potential is DeeLance.
DeeLance is creating a metaverse platform driven by NFTs to bring businesses and freelancers together, and is seen as a revolutionary development for the recruitment industry.