The Graph (GRT) and Injection Protocol (INJ) Technical Analysis: Bulls in Control
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The Graph (GRT) and Injection Protocol (INJ) Technical Analysis: Bulls in Control

April 30, 2021      Dalmas Ngetich

Injection Protocol (INJ) and the Graph (GRT) technical analysis point to demand. GRT/USDT could rise to $2.2, while INJ/USDT appears ready for $27.

The Graph (GRT)

Public blockchains are data-rich. The Graph is building an indexing solution for data extraction and analysis powered by the GRT token.

Past Performance of GRT

The GRT performance mirrors the general state of the crypto scene. Tepid, GRT/USDT is in a tight trade range inside a broader $0.9 zone with support and resistance at $1.3 and $2.2. Amid this directionless, GRT trading volumes are decent, adding two percent to $203 million.

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Days-Ahead and What to Expect

GRT is trading at $1.55 and pretty much steady on the last day and week-to-date. Still, the uptrend is valid despite the deep corrections that wiped 40 percent of the Q1 2021 range.

Notably, GRT prices rebounded from March 2021 lows, the same level where GRT/USDT found support this month. Coincidentally, $1.3 also flashes with the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.

GRT/USDT Price Forecast

The Graph Price Analysis for Apr 30

Technically, the GRT/USDT price is in an uptrend. Every low could ideally be a loading opportunity for aggressive GRT bulls. Aforementioned, $1.30 is a reliable support level.

Accordingly, the bounce of GRT prices from this level could provide a loading zone for aggressive bulls aiming at $2.2—March 2021 highs.

Injection Protocol (INJ)

The Injection Protocol espouses the idea of a completely decentralized DeFi organization from its chain, the Injection Chain.

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INJ holders are in complete control, determining the trajectory of the project.

Past Performance of INJ

The INJ/USDT price is trading at $23, constrained on the last trading day between $20 and $24 at the back of rising participation.

On the previous day, INJ’s average trading volumes rose 22 percent to $153 million.

Day-Ahead and What to Expect

From the INJ/USDT technical analysis in the daily chart, INJ is trading at new all-time highs in a bullish breakout pattern.

Notably, what’s boosting the INJ/USDT price action is the surge in participation.

The underlying momentum is also expanding, as reflected by the INJ bull bars banding along the upper BB.

INJ/USDT Technical Analysis

Injection Protocol Price Analysis for Apr 30

INJ bulls are fully in control of proceedings, adding roughly 12 percent against both BTC and USD on the last trading day. Despite ETH’s firmness, INJ is outperforming the second most valuable coin.

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Technically, aggressive traders can load on dips, aiming at $27—the 1.618 Fibonacci extension level, in a bullish breakout pattern above Q1 2021 highs. Reversals below $18 pour cold water on determined INJ bulls.

#DeFi #GRT/USDT #INJ #INJ/USDT #Injection Protocol #The Graph
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.