Injective Hackathon Sparks Speculation: Is a Price Surge to New Peaks on the Horizon?

Crypto News– The ongoing Injective (INJ) hackathon, featuring a prize pool of $100,000, is set to continue until December 12.

Injective Hackathon Sparks Speculation: Is a Price Surge to New Peaks on the Horizon?

Notably, the INJ price has exhibited significant growth throughout October and November, edging closer to its all-time high. This positive momentum has been a consistent trend since the beginning of the year, with a remarkable surge of over 1,400% in 315 days.

A pivotal moment for INJ occurred in March when it broke free from a descending resistance trend line that had persisted for almost 700 days. Although facing a temporary obstacle around the $9.50 resistance level, INJ resumed its upward trajectory in October, experiencing a rapid ascent since then.

Traders commonly turn to the Relative Strength Index (RSI) as a momentum indicator to gauge market conditions, assess whether an asset is overbought or oversold, and make informed decisions on buying or selling.

An RSI reading above 50, coupled with an upward trend, signals a favorable scenario for the bulls. Conversely, a reading below 50 implies the opposite. At present, the weekly RSI is positioned above 50 and shows an upward trend, although it is also in overbought territory.

INJ Price Forecast: Can It Reach New All-Time Highs?

Applying the Elliott Wave theory, which involves scrutinizing recurring long-term price patterns and investor sentiment, supports the idea of sustained price growth for the altcoin.

According to this theory, the altcoin is currently advancing in the fifth and final wave of its upward movement. Analyzing the extent of the fifth wave involves utilizing Fibonacci projections. By measuring the lengths of the first and third waves, the Fibonacci retracement levels theory suggests that after a significant price movement, there’s an expected partial retracement to a prior price level before the asset resumes its trajectory. This approach helps identify potential future peak levels for price increases.