Brazil’s largest crypto exchange has added the Injective token to its trading list on December 23rd.
According to the official announcement, the native token of the Layer-1 Injective blockchain, INJ, has been incorporated by Mercado Bitcoin, the biggest cryptocurrency exchange in Brazil.
The optimism around the listing of the token has given the prices of the coin an upwards push, making it trade up 9%. At the press time, the coin is trading at $22.72, up 10.02% as compared to the same time last day.
INJ Gets Listed For Brazil Users
A Dec. 23 X post from Injective states that the oldest Latin American exchange has now formally integrated INJ, the native utility and governance token of the Layer-1 Injective blockchain.
Through its fiat to crypto on-ramp, the move will enable more than 3 million Mercado Bitcoin users to directly access the Injective ecosystem using fiat currencies like the Brazilian Real.
According to Defillama, users would thus have the opportunity to interact with Injective’s decentralized finance ecosystem, which at the moment has approximately $43 million in total value locked.
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As the top digital asset investing platform in Latin America with 4 million users after 11 years of operation, Mercado Bitcoin is a pioneer in blockchain technology and the tokenized economy, upholding the highest standards of financial integrity and transparency.
Being the first crypto unicorn in Brazil, it has been certified by EY, one of the biggest auditing firms in the world, since 2018 and 2022.
$INJ Token: What Do Market Parameters Say?
$INJ prices have been riding the high around the optimism of the listing. However, with the changing sentiments in the larger crypto market, the technical indicators are indicating quite the opposite.
According to market parameters, the Fear & Greed Index of the coin is currently at 73 (Greed), and the sentiment is currently bearish. Over the previous 30 days, Injective has 15/30 (50%) green days and 12.79% price volatility.
Eleven technical analysis indicators indicate optimistic indications, while twenty-one indicate bearish signs, indicating a generally pessimistic prediction sentiment for the injective price.
However, Injective’s 200-day SMA is expected to rise over the course of the next month, reaching $ 22.70 by January 23, 2025. Singing the same tone, the short-term 50-day SMA for Injective is predicted to reach $26.34 in the coming month.
One well-liked indicator used by analysts for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. The INJ market is in a neutral position at the moment, as indicated by the RSI reading of 43.73.
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