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Is Injective Protocol’s INJ a good buy as TVL rebounds?
Injective Protocol price soared to the highest level since September 13 and then quickly erased these gains. The INJ price retreated to a low of $1.6977, giving it a market cap to more than $132 million. This price is about 18.50% from the lowest level this month.
What is Injective and is it a good buy?
Injective Protocol is one of the fastest-growing layer-1 blockchain projects that enable people to buy and trade digital currencies. The protocol also provides tools to help developers build decentralized applications.
It is backed by leading venture capital firms like Pantera, BlockTower, and Hashed among others. Mark Cuban is also an investor in the company. In August, the developers raised a new $40 million fund from Jump Crypto and Alan Howard’s BH Digital.
This funding will enable developers to continue building its platform and also to increase the utility of the INJ token. In the past few weeks, the developers have also made several announcements to support the brand. For example, they added new validators while it welcomed Helix, a leading exchange that offers no gas fees and lightning-fast transactions.
INJ price rose as investors focused on the growing total value locked (TVL) in its ecosystem. According to DeFi Llama, the TVL jumped to more than $84 million, which was the highest level since May 10 of this year. This volume was much higher than the year-to-date low of $35.91 million. This is a sign that its ecosystem is expanding.
INJ price prediction
The four-hour chart shows that the Injective Protocol price jumped to a high of $2, which was the highest level since September 13. It moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point.
The coin is slightly below the descending trendline shown in purple. It has also formed what looks like a cup and handle pattern. Therefore, there is a likelihood that the INJ price will continue rising as bulls target the key resistance level at $2.20. A drop below the support at $1.5 will invalidate the bearish view.
The post Is Injective Protocol’s INJ a good buy as TVL rebounds? appeared first on CoinJournal.
Anchor Protocol price prediction as Terra and USTC spikes
Anchor Protocol price surged to the highest level since September 23 as cryptocurrencies associated with Terra surged. ANC, which has been delisted by several exchanges, rose to a high of $0.1054, which was about 27% above the lowest level on Monday.
Terra ecosystem surges
Anchor Protocol was a pivotal platform for Terra’s ecosystem. It was a DeFi platform that acted like a bank. It allowed people to deposit funds and then earn rewards in form of interest. At its peak, the platform had over $20 billion in total value locked (TVL).
All this came crumbling down in March as Terra USD crashed. UST was an algorithmic stablecoin that powered Anchor’s ecosystem. Therefore, the network crashed when the stablecoin lost its peg.
Anchor Protocol price went parabolic on Monday as cryptocurrencies associated with Terra bounced back. For example, Terra Luna Classic jumped by more than 50% from its lowest level on Monday. Similarly, Terra Luna 2.0 rose by over 20% while Terra’s stablecoin jumped.
It is unclear why these coins rose considering that Monday was a tough day for Terra’s ecosystem. In a statement, South Korea’s prosecutors said that they had requested Interpol to issue a red alert on Do Kwon, the founder of Terra.
These prosecutors accuse Kwon and other associates of circumstantial evidence of escape since he left Singapore a few weeks ago. Also, they took issue with his claim that he was cooperating with prosecutors in different jurisdictions. Primarily, they accused Kwon with crimes related to capital markets laws.
In the past few months, Anchor Protocol and other cryptocurrencies associated with Terra have had occasional pump and dumps. This is one of the reasons why the ANC price jumped sharply on Monday. Still, many traders will find it difficult to trade Anchor since it has been delisted in several exchanges.
Anchor Protocol price prediction
The four-hour chart shows that the ANC price has been in a bearish trend in the past few days. This saw it crash from this month’s high of $0.2147 to a low of $0.083. It then went parabolic on Monday as Terra and USTC price rebounded.
Anchor has moved above the 25-day moving average while the MACD has formed a bullish divergence pattern. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance point at $0.12.
The post Anchor Protocol price prediction as Terra and USTC spikes appeared first on CoinJournal.