Injective’s price surged more than 10% today, breaking past the short-lived $23 mark, mirroring the broader market’s positive sentiment. The rally came as the INJ cryptocurrency was listed on a leading South Korean exchange, signaling the exchange’s confidence in the cryptocurrency. Additionally, the market expects the rally to continue, potentially reaching $24, which could propel it to surge further to new ATHs.
Why is the price of Injective surging today?
A number of factors, including positive sentiment in the broader cryptocurrency market, may have driven cryptocurrency prices higher today. However, it appears that Injective’s sharp price increase today can be attributed to the listing announcement from South Korea’s top cryptocurrency exchange Upbit.
Upbit recently announced that it will support INJ trading in both the KRW (Korean Won) and USDT markets on its platform, providing flexibility to investors. Given the exchange’s strict criteria for listing new tokens, many see the move as a vote of confidence in the long-term value of cryptocurrencies.
According to Upbit’s official announcement, INJ’s trading will begin at 18:15 on October 17, 2024. The listing is expected to increase liquidity and attract new traders to Injective, and could push up its price in the coming days.
Upbit has set specific trading rules, including a temporary buy limit in the first five minutes to prevent price volatility, and a sell order limit of less than 10% of the previous day’s closing price. These measures are intended to stabilize the market during the initial trading period.
However, the exchange has set specific rules for trading cryptocurrencies. For example, it has placed a temporary limit on buy volume in the first five minutes to avoid price volatility. In addition, it has also placed a limit on sell orders that are 10% below the previous day's closing price. These measures are likely intended to maintain a stable market situation in the early stages of trading.
Will INJ price hit new highs after reaching $24?
INJ prices surged more than 10% today, breaking through the short-lived $23 mark, while falling slightly to $22.96 at the time of writing. The cryptocurrency recently hit a high of $23.18, indicating growing market confidence. In addition, CoinGlass data shows that market confidence in cryptocurrencies is also high, as evidenced by a 21% surge in Injective open interest.
Amid this, popular cryptocurrency market expert Crypto Tony said that the market is eager for the cryptocurrency to reach $24. Moreover, he hinted that by touching the major support levels, the cryptocurrency could rally to a new ATH, surpassing the previous high of $52.75. This comment sparked speculations that the cryptocurrency could hit new highs soon.
Meanwhile, broader market trends also suggest that top altcoins will rise. Given that the “October up” sentiment and optimism about the upcoming US election will trigger further gains in cryptocurrencies, INJ prices may find further support.
For context, the Bitcoin price has recently reached the $68,000 mark, with top experts predicting further gains for the flagship cryptocurrency. That being said, if altcoins also follow suit, the entire market could take advantage of investors’ bullish sentiment towards digital assets.
