- INJ recorded a double-digit price increase following its listing on OKX and completion of its weekly burn.
- The coin has seen an increase in demand over the past week.
Injective (INJ) recorded an intraday gain of 10% on November 30 after leading cryptocurrency exchange OKX announced the listing of the coin on its spot trading market.
The price increase also follows the completion of the coin’s weekly burn auction. In a post by
3/ Over $65,000 yesterday $INJ It’s burned 🔥 pic.twitter.com/b59ZKHlx0c
— Injective 🥷 (@Injective_) November 30, 2023
This formed part of the weekly burn that will take place every Wednesday following Injective’s mainnet launch in 2021.
The coin has since lost most of its gains, but data from CoinMarketCap shows the coin holding a high of 2% in the last 24 hours at press time.
Traders make new calls for INJ.
After experiencing a period of coin accumulation during the month of October, INJ experienced a decline in coin accumulation during the first three weeks of November.
AMBCrypto found that key momentum indicators that track accumulations and distributions trend downward during most months.
However, as profit-taking activity slowed towards the end of the month, demand for INJ began to increase.
The Relative Strength Index (RSI) and Fund Flow Index (MFI) of coins that fell to their respective center lines showed an upward trend, predicting an increase in coin accumulation.
At press time, INJ’s RSI and MFI were 62.11 and 58.63, respectively. At these values, these indicators indicate an increase in buying activity in the coin spot market.
Likewise, when demand for INJ declined in November, Chaikin Money Flow crossed below the zero line, signaling a large amount of liquidity leaving the market.
As coin accumulation increased last week, INJ’s CMF was 0.01 at press time and has rebounded above the zero line.
A CMF value above 0 indicates market strength because it shows a steady flow of liquidity into the market.
Source: INJ/USDT on TradingView
Additionally, the reemergence of bullish sentiment in the INJ market has resulted in an increase in open interest in the coin futures market.
The coin’s open interest has increased 74% since November 23, at $110.3 million at press time, according to data from Coinglass.
Realistic or not, INJ’s market cap based on SOL is:
When an asset’s open interest increases in this way, it indicates that more traders are taking positions in the market.
This is often taken as a sign that confidence in the market is growing and that current trends may continue.
Source: Coinglass