Injective Protocol is a decentralized derivatives exchange built on Ethereum and supported by a layer-2 solution that helps investors to access the DeFi market in a faster and more secure way.
In addition, Injective Protocol leverages layer-2 blockchain technology to streamline transfers on the Invective Chain through the use of an Ethereum Virtual Machine (EVM) compatible environment.
This EVM is built with its main component, Cosmos-SDK which is a side network in enabling scalable implementation on the Ethereum network.
Eric Chen is the co -founder of Injective Labs supported by Albert Chon as chief technical officer to Injective Protocol.
As can be seen on the INJ/USDT chart, the INJ price movement was seen to strengthen at the end of June when it returned to make a jump of around 44% after hitting the $ 5.10- $ 5.50 support zone.
Entering the July market, the INJ price surge slightly eased to retest the RBS (resistance become support) level around $ 6.50 as an early indication of a clearer uptrend.
For the next rally, the price movement is expected to re -test the SBR (support become resistance) level of $ 7.50 before recording a higher rise.
If the INJ price returns to decline, the $ 5.10- $ 5.50 support zone is seen to remain the main zone to assess whether the zone is able to support a more drastic price spike.
The resistance zone around $ 3.50- $ 3.90 will be the next zone to be tested if the INJ price movement continues to make a downtrend.
As of 11.30am local time, the INJ price jumped over 1% to trade at a price level of around $ 6.57.