Coinjie.com reports:
INJ’s Rapid Growth on Upbit Listing
Can this update help INJ break its downward trend?
On October 17th, the fuel injector token [INJ] experienced a crazy surge of 16% immediately after its listing on Upbit, South Korea’s largest cryptocurrency exchange. The token skyrocketed from $20 to $23, partly due to a significant increase of 112% in daily trading volume.
Although the pump has slightly weakened at the time of writing, considering the impact of the Upbit listing on the meme coin DogWorld (MEW), this listing is crucial.
In the long run, MEW was launched in March and has been listed on multiple exchanges such as Bybit and OKX.
However, the Upbit listing in September sparked a frenzy for cat-themed meme coins.
The explosive event happened because the exchange is the largest cryptocurrency trading platform in South Korea. So the question is, will INJ follow in the footsteps of MEW?
Will the upward trend continue?
Whether INJ’s upward trend will continue after the listing remains to be seen. However, the price movement after the update was triggered by futures market speculators rather than the spot market.
According to Coinalyze data, Binance Exchange added over 15 million open INJ contracts.
This means that explosive rebound was led by leveraged traders due to the subdued spot demand, as indicated by the low point CVD (Cumulative Volume Delta).
In context, CVD measures the buying and selling volume on an exchange, with a decrease indicating dominance of selling volume (sellers).
On higher timeframes, Thursday’s pump strengthened the bullish market structure for INJ. Especially in October, it has set higher lows and highs.
The rebound touched the upper range of the downtrend channel (yellow). However, the pump did not decisively break the downtrend structure.
Despite the possibility of a breakout, INJ has been facing significant capital outflows from the market since late September.
This is indicated by the southbound Chaikin Money Flow (CMF). Low capital inflows may delay the prospects of a breakthrough.
However, at the time of writing, INJ is defending the 50-day moving average as support and may attempt to rise again from this level.
If so, $24 or $28 may be the next targets, especially if the bullish momentum continues in the coming days.
However, it is worth noting that smart money on Binance is net long on the token, with 55% of positions betting on an increase in INJ’s price.
