Injective (INJ) Soars to New Yearly High, Nears All-Time Record: Analysts Predict Further Upsurge
Crypto News – This week, Injective (INJ) achieved a significant milestone, reaching a new yearly high of $23.29. This surge brings it tantalizingly close to its all-time high of $25.30, raising questions about when it might surpass this peak.
Injective’s Impressive Ascend
Since the year’s start, INJ‘s price trajectory has been nothing short of remarkable. A critical turning point came in March when it overcame a descending resistance trendline that had been a barrier since its highest peak. Initially, there were struggles to breach a key horizontal resistance level, but October marked a decisive breakout.
Post-October, the pace of growth accelerated, culminating in a new yearly high of $23.20. Impressively, INJ’s value has rocketed by over 1,600% within this year.
Analyzing Market Trends
Market traders often rely on the Relative Strength Index (RSI) to judge whether to buy or sell. A reading above 50, with an upward trajectory, signals a bullish market, whereas below 50 would indicate the opposite. Currently, despite being in an overbought zone, the weekly RSI is on an upswing without any bearish divergence, suggesting continued bullish sentiment.
Insights from Analysts
Cryptocurrency experts and analysts are optimistic about INJ’s future price trend. Key observations include:
- CryptoKindie notes the massive annual increase and anticipates further growth as Injective approaches a stage of price discovery.
- TheCryptoDog indicates that INJ’s price discovery phase could start this week.
- CryptoYapper sees a bullish future, bolstered by the price moving above a significant long-term horizontal level.
- Alejandro points out that INJ is nearing its final resistance area before it enters a new phase of price discovery.
INJ Price Forecast: A New Peak on the Horizon?
Employing Elliott Wave theory, which analyzes long-term price patterns and investor psychology, technical analysts suggest that INJ is in its fifth and final upward wave since June. The immediate target is around $25, calculated by multiplying the length of waves one and three by 0.382.
Yet, there’s a possibility for further extension, especially since the weekly RSI lacks bearish divergence. This could push the next resistance to $36.50, requiring a 75% increase from the current level and setting a new all-time high for INJ.
However, if INJ fails to sustain above $25, it might indicate that a peak has been reached. This scenario could lead to a drop of about 55% to the nearest support at $9.80.
This analysis provides a comprehensive look into Injective’s recent performance and potential future, balancing the optimism with a cautionary perspective on the volatile nature of cryptocurrency markets.
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