After confirmation of support for the forthcoming upgrade of the Inject main network, INJ clearly stepped up on Friday, with an increase of more than 7 per cent in the disc and repositioning to $5. This escalation has been a direct and rare catalyst in the recent past, as it has been running low for weeks, with more market money going to Bitcoin and the larger market value of Yamaya.
It's a good thing that you're not the only one.
The upgrading of exchange support networks is not by itself rare, but it usually means that, for the market, the process of dealing, filling, etc. can remain stable during the upgrading period and can reduce operational concerns. Coinpedia states that this statement improved the market ' s short-term expectation of Inject and allowed some traders to reposition themselves.
It was mentioned that this upgrade is expected to involve network optimization and performance improvement. After the news was released, the purchase of INJ picked up and moved more than a few medium-value coins.
Five dollars above liquidation area is of concern
In addition to upgrading factors, the distribution of derivatives has become a focus of market attention. According to the article, between US$ 5 and US$ 5.2 brought together more empty settlements. If prices continue to push upward, part of the void may have to flatten, thereby magnifying short-line fluctuations.
In relative terms, the multiple liquidation areas are concentrated in the vicinity of $4.5 and this position is therefore considered to be the more important supporting belt at present. INJ is now in the middle of a multi-empty clearing area, and a small price deviation could rapidly magnify the market response.
- Empty liquidation area: approximately $5 to $5.2
- Main support areas: approximately US$ 4.5
- Recent high reference: between 7 and 7.5 United States dollars
Follow-up resistance to $5.1 to $7.
In terms of movement, INJ had previously fallen behind from around US$ 7.5, once into the US$ 4.3 to US$ 4.6 demand zone, where the purchase of the plate was taken over several times. Following the latest rebound, the market began to see if it could form a clearer repair structure.
The report cites analysis that the immediate resistance of INJ is in the vicinity of US$ 5.1, which is close to the previous supply zone and the downward trend line. If the solar line is received on this line, the subsequent resistance may be moved upwards to US$ 5.8 and US$ 6.5, followed by the US$ 7 to US$ 7.5 area.
However, if the prices fall again near the US$ 4.5, the current rebound may slow down and the situation may go back to the previous consolidation.