Injective (INJ) continued to pick up steam during Friday as the Injective price remained on a bullish trend after the Injective network received an expansion in its ecosystem via the inclusion of USDC and the Cross-Chain Transfer Protocol (CCTP).
As at the time of publication, the INJ coin was trading at $4.10, up by 4.06% within 24 hours. The coin had also generated a daily trading volume of $141.80 million with its market cap standing at about $409.94 million.
Source: CoinMarketcap
Injective Gains Momentum After USDC and CCTP Launch
The bullish momentum emerged after Circle confirmed that USDC and CCTP are now officially live on Injective. According to the announcement, traders, developers, and market makers can now access the regulated stablecoin for several DeFi-related use cases.
The integration enables permissionless spot and perpetual trading with centralized exchange-like performance while improving capital efficiency for cross-chain transactions. Through CCTP, users can transfer USDC between supported blockchains with 24/7 settlement, removing the need for traditional bridging mechanisms.
According to Circle, USDC has been made available on 34 blockchain networks and can be transferred between 23 blockchain networks using the CCTP, providing over 500 different transfer pathways.
The integration bolsters Injective Protocol’s standing in the fast-growing multichain DeFi space amid increasing institutional interest in regulated stablecoins.
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Injective Price Technical Outlook Shows Recovery Attempt
In terms of technicals, the Injective price is looking to stabilize after enduring a bearish correction from the levels of $45 achieved at the beginning of the year 2024. According to the weekly chart, INJ is seen crossing above the 9-week DEMA near the $3.50 mark as it moves towards the resistance at $4.10.
Momentum indicators are also beginning to improve. The Relative Strength Index (RSI) has rebounded from oversold territory and currently sits around 43, signaling weakening bearish momentum. At the same time, the MACD histogram has flipped positive for the first time in weeks, suggesting buying pressure may gradually be returning.
Source: Tradingview
Even after the recent recovery, the overall higher timeframe framework continues to be cautious unless INJ successfully manages to breach the key resistance level at the range of $5.00 to $5.50 and forms new highs.
If bulls manage to sustain their momentum above the moving average zone, there is a possibility that INJ may recover further towards the $7 mark in the near term. Conversely, a breakdown below the support level at $3.50 would put INJ under pressure again.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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