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Injective (INJ) Consolidates Near $13 as EVM Upgrade Boosts Developer Interest
The recent surge in popularity of the blockchain-based decentralized exchange, Injective (INJ), has seen its price consolidate near the $12.96 mark, amid mixed technical signals and neutral momentum indicators.
This significant uptrend, resulting from the successful deployment of the Ethernia upgrade on July 31st, has brought about a whopping 7.6% recovery to $13.31. This development marks a crucial turning point for the project as it introduces Ethereum Virtual Machine (EVM) compatibility, positioning Injective to seize value from the broader Ethereum ecosystem.
The INJ RSI currently resides at an unremarkable 47.92, highlighting neither overbought nor oversold conditions. As we analyze the chart structure and various technical indicators, risk-averse investors may wait for a clear break above the 20-day SMA at $13.85 before entering positions.
Source: Blockchain.News
