Injective (INJ) and Fetch.ai (FET) Collaboration Sends Bullish Signals to the Community
- Patricia ArquetteOriginal
- 2024-10-27 00:24:46967browse
A proposed collaboration between the layer-1 blockchain Injective (INJ) and the blockchain artificial intelligence (AI) protocol Fetch.AI (FET)
A proposed collaboration between layer-1 blockchain Injective (INJ) and blockchain artificial intelligence (AI) protocol Fetch.ai (FET) has sparked optimism among community members and investors, with one crypto analyst expressing bullish sentiment on the Altcoin Buzz podcast.
The analyst highlighted INJ's strength over the last month despite market volatility. The altcoin rallied significantly in the first half of October, rising almost 30%. However, the cryptocurrency later gave back those gains.
Despite the pullback, the analyst observed a bullish sentiment around INJ, supported by the numerous developments within its ecosystem. Breaking above $35 would confirm an upside breakout and could trigger a sustained bull run for the DeFi protocol’s altcoin. A crypto market crash in the closing hours of Friday’s trading session pushed INJ below its October open, dropping the price to $17.11 — a 16% daily loss.
INJ has since rebounded and is trading at $18.72. Reclaiming the $21.60 support would reinforce the altcoin’s bullish outlook. INJ enthusiasts are optimistic about the project's potential to outpace the market in the coming year.
On the other hand, the analyst anticipates a positive impact from the proposed collaboration on FET, Fetch.ai's native cryptocurrency. The proposal, which will re-enable cross-chain transfer between Fetch.ai and Injective, took only 40 hours to reach quorum with 100% approval. The analyst explained that the upgrade will enhance interoperability, making it easier to transfer assets between networks and strengthen ecosystem integration.
It is worth noting that the effect of this collaboration has not been reflected in FET's price as the crypto asset continues to consolidate. However, users are optimistic about the momentum buildup. The analyst believes a Bitcoin breakout would trigger a bull run that would help the altcoins fulfill their potential.
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