Top Crypto Gainers on December 11 – INJ, BTT, And AVAX
The general Crypto market outlook in the last 24 hours shows a retracement. This is because some traders are closing long positions for profit within the last 24 hours.
Consequently, Bitcoin has retraced by 3% to $42,359 at 5:37 a.m. today, December 11.
Also, the total market cap that rose to $1.7 trillion in the early hours of today was also retraced to $1.65 trillion.Such retracement is a normal part of the crypto market cycle but has not changed the dominant investor sentiment in the market.
The Fear and Greed Index still shows greed, indicating a recovery ahead in the coming days. As such, some crypto assets still ride the wave of positivity in the crypto market to post positive gains today. More facts about their price moves and developments are captured below.
Injective (INJ) - The Financial Blockchain That Works
INJ's price at 6:16 a.m. EST is $22.42, with a 20% increase in the last 24 hours. Also, it is up by 23.1% in the last seven days, confirming the surge in buying pressure for the token. Remarkably, INJ is close to its 2021 all-time high value of $24.89.
The Injective ecosystem continues to record impressive developments in the last few weeks, supporting INJ's price surge.Remarkably, its bridging feature makes it quite accessible for other crypto ecosystems such as Solana and Ethereum.
How to Bridge to $INJ ?
Bridge at the $INJ hub, due to Injectives interoperability you can bridge from almost anywhere in crypto, from $ETH to $SOL and more. Just be sure you know what the difference between bridging and swapping is...https://t.co/Adr3jdyooC pic.twitter.com/dackApjYJq
- Munch
(@Injmuncher) December 9, 2023
Also, aside from the bridging feature, Injective supports other features such as staking, governance, and token burns. It also hosts DeFi apps such as Helix, BlackPanther_Fi, and Elixir protocol.
So, massive developments are ongoing in the ecosystem, such as Injective wallets for storing tokens.
According to the developers, Injective has the speed and execution of Solana, the interoperability of Cosmos, and the compatibility of Ethereum.Meanwhile, the .inj Name Service has exceeded 3000 registrations as more users seek to have their in-domain names.
Furthermore, Injective is collaborating with Google Cloud for the Illuminate Hackathon. This event is for developers building on the layer-2 blockchain, with the deadline for the event to be announced soon.Also, the hackathon will give participants a chance to share in the $100,000 price pool.
Additionally, developers are encouraged to participate no matter their project stage.They can create projects in areas such as NFTs, gaming DeFi, and SocialFi that promote the ecosystem.
This partnership and event are likely to drive more users to the ecosystem and boost INJ's price gains on the daily chart.
INJ Finds Support At $21.31, What Next For The Token?
INJ has found support at $21.31 after forming a bullish engulfing pattern on December 10 to break above this level.The long lower wick on today's candle confirms a rise in selling pressure for the token as some buyers begin to close long positions.
However, the buyers at the $21.31 support sustained INJ's price from further decline. Also, the buyers are attempting to break above the $22.49 resistance level despite the pressure from the sellers.
If INJ closes above $22.49 today, then it will likely trade at $23 in the coming days.
Additionally, the Relative Strength Index (RSI) indicator is in the overbought region and rising as the buyers re-enter the market. Also, INJ confirms this bullish pressure by moving above the Parabolic SAR indicator.
Therefore, INJ will likely overcome the $22.49 resistance level in the coming days and rally to $23.
BitTorrent (BTT) - The dApps Hub For Practical Crypto Solutions
BTT is trading at $0.00000142 today, with a 12.7% increase in the last 24 hours. Also, BTT has enjoyed a positive week, gaining 184.5% in the last seven days. It started the week at $0.00000047 and is $0.00000142 today.
The BitTorrent Weekly Report was released earlier today, showing impressive developments in the ecosystem.According to BTFS SCAN, the number of total miners in the ecosystem has surpassed 7.2 million.
Secondly, the total number of contracts in the ecosystem is 131 million.
LAST WEEK IN #BitTorrent
According to BTFS SCAN, the number of total miners on #BTFS passed 7.2M; the total number of contracts on BTFS is 131M.
- BitTorrent (@BitTorrent) December 11, 2023
Remarkably, there are over 200 million BTT accounts and over 1.9 million transactions on the network so far. In the past week, the BTT ecosystem recorded over 12,900 new transactions.
The total revenue realized exceeded 22.959 billion since the launch of BitTorrent, showing massive ecosystem growth.
According to CoinMarketCap, on December 7, BTT's trading volume increased by 1157% in 24 hours. BTT's positive statistics are evident on the daily chart, where it has formed a bullish pattern as the buyers continue to dominate.
BTT Shows Rising Wedge Pattern Will the Buyers Rally Further?
BTT displays a rising wedge pattern on the daily chart, which is a strong bullish pattern indicating growing pressure from the buyers.Its rally on December 6 formed a large green candle that triggered the current uptrend.
So, BTT broke above $0.00000130 despite pressure from the sellers.
Presently, it has found support at $0.00000130, and the upper wick of today's candle is testing the $0.00000145 resistance level.A break above this level will lead BTT to claim higher highs and rally up to $0.0000015 if the buyers continue the accumulation.
Although the RSI indicator is already in the overbought zone with a value of 86.70, it does not show any sign of retracement.Also, the Moving Average Convergence/Divergence (MACD) indicator shows a strong buy signal.
The MACD is above its signal line with green Histogram bars confirming that the market still records an ongoing accumulation phase. Therefore, BTT may gain more in the coming days if the buyers sustain their pressure.
However, traders must watch out for a retracement in the RSI indicator to prevent severe liquidation.
Avalanche (AVAX) - The Smart Contract Platform
AVAX is among the top gainers today, trading at $36.62, with a 14.1% increase in the last 24 hours. Also, it has gained 59.3% in the last seven days.According to a developer on Avalanche, Jay Kurahashi-Sofue, AVAX's profile is rising among staking blockchains.
.@AVAX is climbing the ranks amongst all staking blockchain platforms on @StakingRewards.
Staking Rewards is a pretty cool analytics platform for all things staking-related. Sort by staking reward rate, staking platform fee, and more. pic.twitter.com/pa1vj2z3wx
- Jay Kurahashi-Sofue
(@jayks) December 6, 2023
This data was revealed by StakingRewards, an analytical platform that handles staking-related content.Besides that, Blockworks. co noted that AVAX has surpassed regular altcoins such as DOT, TRX, and MATIC in the past two weeks.
With a market cap value of $9.8 billion, AVAX is now ranked as a top ten cryptocurrency by market cap.
Remarkably, Avalanche's tech stack was used in a test project by JPMorgan Onyx to find out the possible benefits of tokenized investments. This extra utility is highly beneficial for the Avalanche ecosystem.
Notably, AVAX has increased from $10 to $36 in less than two months as more investors adopt the AVAX tokens.
The speed, scalability, and subnets available in the ecosystem are likely driving its rapid adoption.On the daily chart, AVAX faces a possible retracement. However, it is likely a temporary pullback for a consolidation phase.
AVAX Forms Red Candle On Daily Chart: Is The Rally Over?
AVAX rallied between December 4 and 10 with higher highs, breaking above the $31.88 resistance level and flipping it to support. However, AVAX has formed a red candle on the price chart today as traders begin to cash in long positions.
Nevertheless, the long lower wick on today's candle suggests that the buyers and sellers are in a keen contest for control.Despite the retracement, AVAX is still trading close to the upper band of the Donchian Channel (DC), which is a bullish sentiment.
Also, the RSI indicator is in the overbought region with a value of 86.55.
However, the RSI is moving downwards, hinting at a possible retracement for AVAX. So, traders should watch out for the RSI. If the value drops below 70, then the sellers will likely regain control.
However, if the $31.8 support holds, then AVAX will break above $37.19 in the coming days.
Bitcoin ETF Token (BTCETF) - The ETF Solution For The Future
>>>Visit Bitcoin ETF Token Presale
Bitcoin ETF Token is a project that rides on the wave of positivity surrounding a Bitcoin ETF approval.The crypto world eagerly anticipates the approval of this ETF, with Black Rock as the frontrunner to get the first approval.
This approval will encourage institutional investors to add more funds to BTC investments.As such, the new crypto project, Bitcoin ETF, positions its holders with updates on the ETF approval.
Also, the BTCETF token is tied to the value of Bitcoin, which is bullish at the moment.
BTCETF Presale is Selling out Fast. Take Advantage Now!@conio teams up with @coinbase to expand digital asset offerings for Italian banks, with plans to support up to 50 #Tokens by 2023.
Europe's embracing #Crypto with initiatives like Markets in crypto assets regulation.
What digital assets do you think will gain traction next... pic.twitter.com/DPg0m5yJQB
- BTCETF_Token (@BTCETF_Token) December 11, 2023
BTCETF is on presale and two days away from a price increase. Presently, each token's price stands at $0.0066. Interested investors can grab as many as they want with Ethereum ETH or USDT. They can also easily buy it with their bank cards.
The presale offers investors the best opportunity to accumulate these tokens ahead of a price increase.Also, exciting milestones will be unveiled after the launch of the BTCETF token on exchanges.
Bitcoin ETF Token also supports token staking, which will preserve the long-term value of the tokens.
ConclusionWhile traders cash in on profitable trades, the crypto rally is seemingly not ending yet, as many assets keep gaining. Amid the rally, anticipation is high as the US. Feds prepare for their final meeting in 2023.
If the rates are favorable, then it could be the trigger that will resume the crypto market rally.
However, if the Feds are hawkish, then further retracement is possible.Therefore, investors must always carefully consider price volatility before investing in cryptocurrencies.
Overall, the crypto market is in much better shape than its overall value in 2022. So, if the market sentiment remains positive, then the bull run will likely begin in 2023.
The post Top Crypto Gainers on December 11 - INJ, BTT, And AVAX appeared first on The Tech Report.