Injective Protocol (INJ) and Curve (CRV) Technical Analysis: What’s Next?
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Injective Protocol (INJ) and Curve (CRV) Technical Analysis: What’s Next?

May 13, 2021      Dalmas Ngetich

Curve and Injective Protocol prices are firm. CRV/USDT could reach $4.6, while INJ/USDT is open for $27.

Injective Protocol (INJ)

The Binance and Pantera-backed DeFi protocol aims to make exchanges completely decentralized and governed by holders of the INJ tokens.

Past Performance of INJ

From the daily chart, the INJ technical analysis favor buyers. On the last day of trading, INJ is up double digits, adding 10 percent versus the USD.

At the same time, the token is outperforming ETH and BTC, adding 24 percent. Propping bulls is a surge in trading volumes, rising to $382 million, a 6X increase on the last trading day.

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Day-Ahead and What to Expect

INJ/USDT prices retain an uptrend. Presently, the move up is within a bullish breakout pattern following gains of late April. However, there are hints of rejection to the upside.

Notably, candlesticks of the last few days are with long upper wick suggesting liquidation in lower time frames.

Still, reaction at $18 and the middle BB could shape INJ/USDT price action in the medium term.

INJ/USDT Technical analysis

INJ Price Daily Chart for May 13

INJ bulls are defying expectations to grind higher. Prices found support at $18—or February 2021 highs. A rebound from spot levels could confirm a retest in a buy trend continuation.

Accordingly, every low could be an opportunity for aggressive traders aiming at $27.

On the flip side, steep losses below $18 and the middle BB may spark a sell-off towards $11.

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Curve (CRV)

Using Curve, users can trustless swap stablecoins. The native governance token is CRV.

Past Performance of CRV

As of writing, CRV is trading at $3.5. Although sellers are circling, CRV/USDT could grind higher, countering the primary trend of the overall crypto market.

Trading volumes are up 3.6X to $1.3 billion, forcing CRV higher.

In turn, the token is up roughly 15 percent against BTC and ETH, paring losses against the greenback in the past 24 hours.

Day-Ahead and What to Expect

The path of the least resistance is northwards. Overly, CRV/USDT prices are waving inside a widening wedge.

At around Q1 2021 highs, buyers stand a chance to print higher.

However, this depends on whether CRV buyers will shake off sellers of last week and soar higher.

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CRV/USDT Technical Analysis

Curve Price Daily Chart for May 13

The main multi-week support trend line offers support for the CRV/USDT price.

As such, every low may be a loading opportunity for buyers.

A close above last week’s highs may see CRV race to $4.6.

Meanwhile, losses below May 13 lows opens up CRV to $2.2 in sell trend continuation from mid-April 2021.

#CRV #CRV/USDT #Curve #DeFi #INJ/USDT #Injective Protocol
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.