By Is It Too Late to Buy Injective? INJ Price Climbs 12% as Licensed Telegram Crypto Casino Goes Viral – How to Buy?
Last updated: December 11, 2023 22:13 EST
. 4 min read
The crypto market has entered the day in a state of cautious trading and consolidation after recent volatility. Bitcoin and Ethereum are seeing minor price fluctuations, recovering slightly after major corrections yesterday.
Bitcoin is currently trading around $41,960, down just 0.17% in the last 24 hours. Meanwhile, Ethereum is hovering around $2,229, dipping 0.26% over the same period.
Overall, the market seems to be taking a breather and consolidating recent gains, with investors cautiously optimistic but hesitant to push prices much higher for now. Trading volumes have tapered off from recent highs, and volatility has declined across the board.
Following a similar trend, Injective Protocol’s INJ token has pulled back after reaching a new all-time high of $27.02 today. The INJ price is currently hovering around $26, down 0.83% in the past hour but still up 12,08% in the past 24 hours.
INJ Price Action Reflects Strong Bullish Momentum
INJ’s price action has been extremely bullish in recent weeks. Over the past 7 days, the token has surged nearly 62%. Zooming out further, INJ has gained 48% in the past 30 days and a massive 246% in the past 60 days. This parabolic uptrend indicates strong momentum and buyer interest.
In the past 24 hours alone, INJ’s trading volume has increased by 40% to $508 million. Intraday volatility has been elevated as well, with INJ price fluctuating nearly 15% in the past day. Traders should prepare for continued volatility ahead.
Looking at the moving averages, INJ is trading above its 20, 50, and 100-day EMAs. The 20-day EMA is at $18.999, the 50-day EMA stands at $16.289, and the 100-day EMA is at $13.556. With the current price well above these levels, the EMAs confirm the ongoing uptrend. The moving averages also provide potential support zones on any pullbacks.
Bullish Momentum Reflected in Oscillators
Both the MACD and RSI indicators reflect bullish sentiment. The MACD reads 1.882, up from yesterday’s 1.436. This rising momentum confirms bulls are in control. INJ’s RSI has surged to 79.57, deep in overbought territory. While this suggests the rally may be due for a minor pullback or consolidation, the increase from yesterday’s 75.80 indicates there are no signs of weakening buyer interest.
Key Price Levels to Watch
Looking at technical levels, INJ faces resistance around its new all-time high of $27.02. If bulls can close prices above this level, it would confirm a breakout with no further overhead resistance in sight. The next target would be the psychological $30 level.
On the downside, the immediate support level comes around $24, followed by $19.488, which aligns with the Fibonacci 0.382 retracement level. Below that, the 0.5 and 0.618 Fib levels provide support around $16.982 and $14.476 respectively. If the rally stalls, INJ may pull back to these areas before regaining upside momentum.
In summary, INJ is continuing a firmly bullish uptrend, although overbought RSI suggests a minor pullback may occur. As long as INJ price holds above the $24 support level, the path of least resistance points higher. Bullish traders can look to buy on dips, while conservative traders may wait for consolidation before entering fresh long positions.
Shifting focus from Injective Protocol’s price gains, there is another project gaining traction in the crypto market that warrants attention—TG.Casino. Much like INJ recently, TG.Casino’s native token TGC has seen a surge of investor interest during its ongoing presale event.
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TG.Casino integrates online gambling directly into Telegram’s messaging app, which has over 700 million active users globally. The integration provides a smooth, secure, and anonymous gaming experience on the app itself.
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Players can access slots, table games, live dealers, and sports betting with no KYC checks or personal details required. All activity is powered by TG.Casino’s TGC utility token, enabling access to exclusive rewards and cashback programs.
TGC Presale Heats Up As Major Exchange Listing Looms
Much like Injective recently, investor interest in TG.Casino has spiked amid its ongoing presale for TGC tokens. The presale has already raised over $3.8 million, passing 70% of its $5 million hard cap.
TGC is currently available in the presale for $0.18, although this presale price will increase in the coming days. Investors are buying in now to capitalize before the planned exchange listing.
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With the presale in its final stretch, TG.Casino seems ready to follow other gaming cryptos in making a major market debut.
The Rise of GambleFi
The crypto gambling or “GambleFi” sector has exploded over the past year. The combination of high-risk, high-reward betting with the speculative nature of digital assets is proving to attract a lot of investors.
As crypto betting volume rapidly increases annually, TG.Casino is launching at just the right time to seize this momentum. TGC could very well be the next decentralized gaming token to surge as interest in the space continues gaining traction.
TG.Casino’s fundamentals, growth potential, and presale popularity make TGC a token worth monitoring moving forward.
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