Mercuryo Has Integrated Injective, Can Its Price Boom For $50?

• 1 Mercuryo has integrated Injective, allowing users to easily onboard using INJ and support to integrate the Mercuryo Payment stack into their applications.
• 2 Despite bearish EMA, the MACD indicator suggests a bullish crossover, with its histogram expanding.

Injective marked a significant milestone with a inEVM launch on its mainnet in March. This innovation positions Injective Protocol as the sole Layer 1 blockchain that integrates the interoperability features of Cosmos, the rapid transaction capabilities of Solana, and the extensive developer ecosystem of Ethereum.

The introduction of inEVM, an Ethereum-compatible rollup, marks a milestone as the first of its kind aimed at enhancing the development of concurrent virtual machines. It empowers Ethereum developers to build on Injective Protocol’s high-speed and cost-efficient network while retaining compatibility with Ethereum.

The deployment of inEVM translates to more efficient transactions, reduced costs, and expanded possibilities for developers to innovate and develop cutting-edge decentralized applications (dApps).

In its post, Injective Protocol stated that developers can capitalize on its robust infrastructure, touted as the most rapid and economical blockchain platform dedicated to financial applications, to build the next wave of dApps.

Injective (INJ) Now Available on Mercuryo

Mercuryo has integrated Injective, allowing users to easily onboard using INJ. Projects on Injective can now add fiat, Apple Pay, and credit card payments to their dApps, making it easier for mainstream users around the world to get onboard.

Mercuryo provides developers in the Injective ecosystem with tools and support to integrate the Mercuryo Payment stack into their applications. By integrating with Mercuryo, developers can improve user onboarding, retention, and revenue generation.

Can Injective Sky Make it to the $50 Mark?

Injective token exhibited a bullish trend starting from October 2023, with its price climbing from $7.75 and forming a series of higher highs and lows. This upward trajectory continued until it encountered a supply level at $52.10 on March 12th.

During its rise, INJ faced resistance at $44, where it made three unsuccessful attempts to break through. However, on the fourth try, it successfully surpassed this level, reaching $52.10. 

Despite this achievement, the price could not maintain its peak as selling pressure intensified, leading to a gradual decline. By mid-May 2024, INJ had established a new support level at $21.0.

Presently, there are indications of a potential recovery for INJ, as the downward momentum has ceased and bullish sentiment is resurfacing, aiming to establish an upward trendline. 

Concurrently, the Injective (INJ) token has also showed signs of an impending rise. Despite bearish EMA, the MACD indicator suggests a bullish crossover, with its histogram expanding to 0.187. The RSI was at 49.06, recovering from near-oversold conditions.

Currently, INJ has traded at $25.34, after experiencing a slight dip of 1.59% in the last 24 hours. The market sentiment remains positive, and if the investor interest continues, the price may rebound from its current level. The next targets for INJ are $31.0 followed by $35.0.

Analyst Crypto Tony shared a positive outlook on Injective (INJ) via an X post, noting that if crypto price manages to reclaim $31.00, then there could be a possibility for a safe entry, as well.

However, if Injective cannot hold above the $22.0 support, there could be a possibility of further price declines.

Summary

Injective Protocol made a significant advancement by launching inEVM, this innovation empowers Ethereum developers to build on Injective Protocol’s high-speed and cost-efficient network while retaining compatibility with Ethereum. 

Additionally, Mercuryo has integrated Injective, allowing users to easily onboard using INJ and providing developers with tools and support to integrate the Mercuryo Payment stack into their applications.

Currently, there are indications of a potential recovery for INJ, with the price trading at $25.34 and showing signs of an impending rise. If the investor interest continues, the price may rebound from its current level, with the next target for INJ being $31.0 followed by $35.0.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.