Token

Burn

Injective

Captain

Injective (INJ), a Cosmos-based Layer 1 blockchain, has surged over 11% in 24 hours, trading around $30, after a slower US Consumer Price Index (CPI) inflation rate and a 6 million INJ token burn. 
The price of INJ jumped 24.86% from an intra-day low of $25, reflecting positive market sentiment. During this rally, INJ’s 24-hour trading volume increased by 39.72% to $3.41 billion, and its market capitalization rose by 10.30%.&nbsp; 
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 <img decoding="async" width="1009" height="473" src="https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn.png" alt="Injective (INJ) Surges 11% After CPI Data and 6 Million Token Burn" class="wp-image-183658" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn.png 1009w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn-800x375.png 800w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn-768x360.png 768w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Injective-INJ-Surges-11-After-CPI-Data-and-6-Million-Token-Burn-860x403.png 860w" sizes="(max-width: 1009px) 100vw, 1009px">
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 Injective Chart | Source: CoinmarketCap
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According to <a href="https://coinmarketcap.com/currencies/injective/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap data</a>, the current resistance level is around $32.07. If INJ breaks and holds above this, further gains could follow. The previous support level at $28 could offer a safety net if prices reverse. 
INJ recently broke out from a two-month consolidation period that started in mid-April, trading in a narrow range around $29 before the breakout. Positive CPI news has also boosted the macroeconomic environment, supporting this upward movement. 
According to <a href="https://www.coinglass.com/currencies/INJ" target="_blank" rel="noreferrer noopener nofollow">Coinglass data</a>, the trading volume for INJ derivatives rose by 16.67% to $946.44 million, indicating increased market action and liquidity. Open interest in derivatives also increased by 10.06% to $148.58 million, showing that new funds are entering the market. 
Crypto analyst Captain Faibik noted a significant breakout from a descending wedge pattern. INJ/USDT on Binance broke above the $29 level, suggesting further upside with a target price of around $58.50, a 127.22% increase from the current price.&nbsp; 
Another analyst, CryptoJack, shared a bullish outlook, predicting INJ could double in price. Suggesting entering a long position if INJ closes above $31, with an initial target of $52. 
With the recent price action and technical indicators aligning, INJ appears poised for continued upward momentum. The positive market sentiment and increased trading activity further support a bullish outlook for the token. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/11/shib-burn-rate-soars-2814-as-7-47m-tokens-incinerated/" target="_blank" rel="noreferrer noopener">SHIB Burn Rate Soars 2814% as 7.9M Tokens Incinerated</a> 
</blockquote>

Injective (INJ) Surges 11% After CPI Data and 6M Token Burn

The Crypto Times

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