As a result of the incorporation of Web3 finance data into Google Cloud BigQuery, the price of injective has risen by 547% since January to $13.15.
The price of Injective (INJ) is unaffected by the widespread consolidation observed on the cryptocurrency market since Thursday, rising 10% on Friday to $13.15.
The interoperable Layer-1 blockchain that powers the next generation of decentralized finance applications (DApps) has increased by a staggering 547% since the beginning of the year and is nearing its all-time high of $24.89.
INJ Price Prediction: Critical Crossroads Approaching
INJ is on the verge of determining its future direction as it approaches one of the main resistance levels ($14), which has been unsuccessfully tested during the last two quarters of 2022.
However, completing a double-bottom pattern in January 2023 contributed significantly to the favorable outlook, propelling INJ to new highs.
On the weekly price chart, the Injective price is trading above all bull market indicators, including the 21-week Exponential Moving Average (EMA) (red) and the 100-week EMA (blue).
Bulls reaffirmed their dominance when INJ broke above the multi-year falling trendline at $8, and with the Relative Strength Index (RSI) magnificently moving into the overbought region with a strength of 76, the current weekly bullish candle is anticipated to close above the resistance at $14.
When an asset breaks out of a prolonged downward trendline, it signifies that a stronger bullish trend is gaining traction.
Injective could, therefore, surpass the all-time peak and set a new record high in the coming weeks.
In the meantime, traders must maintain vigilance to avoid abrupt pullbacks, as the RSI has already reached an overbought level.
Any uptrend weakening would be signaled by the RSI reversing into the neutral region.
Dips toward INJ’s $8 local support could provide profitable entry points for investors who the rally’s strength has sidelined.
On the upside, a break and hold above the immediate $14 resistance could signal gains to the ATH.
Google Cloud Integration Impresses Injective Community
On Tuesday, the Injective development team announced “Injective Nexus” – the integration with Google Cloud, paving the way for an exciting era in which central chain data will be “accessible in BigQuery through the Analytics Hub” by the general populace.
This means developers and businesses can access customer data from the Injective Network, including real-time financial and transaction information.
In addition, Google Cloud customers will have exclusive access to Web3 data sets that can be utilized across multiple platforms for DeFi, machine learning, and the development of trading strategies.
“Google Cloud to date has only offered BigQuery datasets for major blockchain networks like Bitcoin and Ethereum,” the team wrote in a blog post. “Now, Injective will become part of this prominent group of Layer-1 chains.”
