- Injective price jumped after the latest Avalon upgrade was activated.
- Fetch.ai held steady as demand for AI assets continued rising.
- Quant rose as it trended in social media platforms like StockTwits.
Cryptocurrencies turned positive during the weekend as investors embraced a risk-on sentiment after the debt ceiling deal. Bitcoin price jumped above $28,000 while Ethereum held steady at $1,800. Other top-performing cryptocurrencies were Mask Network, PancakeSwap, Injective, Lido DAO, Quant, and Immutable X.
Injective price prediction
Injective Protocol is a Mark Cuban-backed company that specializes in Decentralized Finance (DeFi). The protocol has been used to build several dApps, including Helix, Frontrunner, and Astroport.
INJ, its token, jumped sharply during the weekend as the developers launched the much-awaited Avalon Mainnet upgrade. This upgrade has several features, including layer 1 scalability optimizations, sub-second block times, and Proof of Stake delegation mainnet.
Further, the Injective price soared after the developers burned more tokens. In total, they have burnt tokens worth over 5.68 million. This trend will continue since they are scheduled to happen on a weekly basis.
The 4H chart shows that Injective price has been in a slow bullish trend in the past few days. Along the way, it has moved slightly above the 50-period moving average while oscillators like the MACD and the Relative Strength Index (RSI) have drifted upwards.
It is worth noting that Injective approached the key resistance point at $7.54, the highest point on May 20. Therefore, more upside will be confirmed if it moves above this price. If it happens, the next level to watch will be at $9.67, which is about 38% above the current level.
The alternative is where the token forms a double-top pattern whose neckline is at $6.16. In price action analysis, this pattern is usually one of the most bearish ones.
Quant price prediction
Quant is a blockchain project that aims to simplify the financial industry by offering services in the payments, capital markets, supply chain, and digital currencies. Through its technology, central banks can easily launch their CBDCs while developers can create tokenized assets. It is unclear why Quant price jumped during the weekend. As such, a likely reason is that the developers are about to unveil some news soon.
Turning to the 4H chart, we see that the QNT price recovered modestly after dropping to a low of $96.45 last week. It jumped to a high of $107.87, the highest point since May 15. The pair moved slightly above the 50-period moving average while oscillators like the Relative Strength Index (RSI) and the MACD rose.
I suspect that Quant price will pull back soon and retest the support at $102.24. A move below that level will see it retest the weekend low of $96.61.
Fetch.ai price forecast
Fetch.ai’s FET price jumped sharply as investors focused on the growth of AI following the strong Nvidia earnings. The thinly-traded token saw its price jump to a high $0.2695, which was higher than this month’s low of $0.2200. It moved slightly above the 50-period moving average while oscillators drifted upwards. For Fetch, the performance will be driven by other AI assets. I suspect that the price will retest the support at $0.2500.
