Image default

Injective Partners With Tencent, But INJ Price Drops Over 14%

Key Takeaways:

  • Injective partnered with Tencent to support its developers.
  • However, the INJ token failed to respond to the bullish cue.
Injective Partners With Tencent, But INJ Price Drops Over 14%
Read on Read on Google NewsGoogle News

NEW DELHI ( — Finance-focused blockchain platform Injective has partnered with Tencent Cloud, the cloud business arm of China’s biggest firm by market cap, Tencent.

In an announcement, Injective stated that the partnership would help its ecosystem grow. The partnership’s first beneficiaries will be the Injective Global Virtual Hackathon developers. Winners of the hackathon would get access to Tencent’s cloud infrastructure.

Furthermore, Tencent Cloud’s partnership with Injective underscores the rising interest in DeFi and the Web 3 ecosystem.

By collaborating with Tencent Cloud, Injective builders are gaining access to a range of resources and support that will enable them to accelerate their development. With Tencent Cloud’s support, Injective is well-positioned to become a leader in Web3 while continuing to drive true innovation

said Injective Labs co-founder and CEO Eric Chen

Moreover, access to Tencent Cloud’s infrastructure might attract more developers to Injective’s hackathon event.

INJ Token Price Fails To React To Bullish Cue

Meanwhile, the Injective Protocol price dropped more than 14% from April 17’s high of $9.98 to a daily low of $8.5 on April 18. The pullback occurred after the INJ token price flipped multi-week ascending trendline resistance on April 14 after the Injective Protocol token rallied over 34% daily.

Also Read: PEPE token surges 350% and announces Airdrop

However, the rally also resulted in INJ’s relative strength index becoming overbought, with a value of 76.66 on the daily charts. Overbought RSI levels usually precede an impending trend reversal in an asset’s prices. Hence, traders consider it a bearish cue and a sell signal.

INJUSD daily chart with RSI. Source:

Interestingly, INJ Price reacted in a textbook manner to overbought RSI levels. Moreover, if the downtrend continues, the INJ token price might drop to support near $7.97.

Additionally, breaching the immediate support level might result in the INJ prices dropping below the recently flipped trendline support. As a result, the Injective Protocol token could drop to test the 20-day EMA (red wave) support near $6.7 before recovering.

Conversely, if the INJ token starts moving upward, it would face resistance near $10.61. Therefore, breaking and consolidating above the immediate resistance might help the Injective Protocol token to rise to $13.2 before correcting.

The post Injective Partners With Tencent, But INJ Price Drops Over 14% appeared first on CoinChapter.

Source link

Related posts

Arbitrum’s Plan to Return 700M ARB Fails

Amorette Lepage

Jump Trading Buys 40K MATIC As Polygon Token Forms Bearish Pattern

Amorette Lepage

XRP Price Seems Primed For Rally And Only 1 Thing Is Holding It Back

Amorette Lepage

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy