Fetch.ai has announced a plan to allow cross-chain transfers between Fetch.ai Mainnet and Injectable to be completed seamlessly. To improve cross-chain interaction, Injective (INJ) might join the ASI Alliance alongside Fetch.ai, SingularityNET, and Ocean Protocol.
The move coincides with the overall growth of Injective, which has seen continued partnerships over the past six months.
However, this news has failed to provide the market with upbeat sentiments, as INJ’s price fell drastically low after the announcement of the partnership.
Fetch.ai Aims At Smooth Cross-Chain Transfer
The integration follows a unanimous vote by the Fetch.ai community to replace Injective with the inter-blockchain communication (IBC) blockchain interoperability protocol light client. With this change, cross-chain transfers between Injective and the Fetch.ai mainnet will be smooth.
Additionally, an October 27 deadline for a software upgrade proposal for a CUDOS network merger was also accepted by the community. This indicates that on Sunday, CUDOS will become a member of the Artificial Superintelligence Alliance (FET).
Injective Sees Wider Acceptance In Market
The integration of Injective into the ASI Alliance will position the ecosystem as one of the leading blockchain companies going forward.
Injective has seen continuous growth via multiple partnerships recently. For example, one of Japan’s biggest telecom providers recently consented to act as an injectable blockchain validator. Currently, the newest injectable validator is NTT Digital.
Injective has rapidly grown within the blockchain sector since its establishment. Gumi, a mobile gaming startup, also joined the Injective network as a validator on June 11 of this year.
Developed mostly for the finance industry, Injective is one of the biggest proof-of-stake (PoS) blockchains in the world. It is also working to improve blockchain security for gaming.
INJ Price: The Fall Indicates Tough Market?
The price for INJ took a drastic fall soon after the integration news as announced. At the press time, the coin is trading at $19.65, down 3.12% as compared to the same time last day.
The Fear & Greed Index indicates that the present sentiment for INJ is bearish. Over the previous 30 days, Injective had 13 out of 30 (43%) green days and 5.63% price volatility.
With six technical analysis indicators indicating optimistic signals and twenty-three indicating negative signs, the overall mood for injective price projection is bearish.
Market indicators predict that Injective’s 200-day SMA will decline over the upcoming month, reaching $22.24. During the same period of time, Injective’s short-term 50-day SMA is predicted to reach $21.60.
Relative Strength Index (RSI) is a popular momentum oscillator that shows when a cryptocurrency is oversold (below 30) or overbought (over 70). Based on the RSI reading of 44.76, the INJ market is currently in a neutral state.