beincrypto.com
Today, the Injective (INJ) price increase culminated with a new all-time high price of $32.20.
INJ is now well into price discovery, having no horizontal resistance overhead. How long will it continue increasing? Let’s find out.
Injective Reaches New All-Time High
The INJ price has moved upwards quickly since January. During this increase, it broke out from two important resistance levels, one diagonal and the other horizontal.
The rate of increase further accelerated in October after the altcoin moved above the horizontal resistance area. Today, the INJ price increase culminated with a new all-time high of $32.20. This amounts to a rise of 2360% since the start of the year.
Market traders utilize the RSI as a momentum gauge to recognize overbought or oversold conditions and make informed decisions about acquiring or liquidating an asset.
When the readings surpass 50 and show an upward trend, it signifies that bulls maintain an advantageous position. Conversely, readings below 50 indicate a potential advantage for bears. Even though the market is overbought, the weekly RSI is on the rise and has not produced any bearish divergence.
What Are Analysts Saying?
Cryptocurrency traders and analysts on X are bullish on the future INJ price trend.
Santiment tweeted that the three largest whales have accumulated another 7 million coins over the past three months, stating that:
The bridge wallet holds just over 2/3rds of the available $INJ, and top 3 wallets now combine to hold 85.6% of the supply (worth $2.18B).
PaoloG believes that the INJ increase will not stop soon. Rather, he suggests the altcoin will reach the top 10 cryptocurrencies based on market capitalizations.
CryptoJelle suggested that now that INJ has reached price discovery, volatility will become even more pronounced, leading to sharper pumps and pullbacks. It is worth noting that more than 450,000 million INJ are still staked. This is more than half of the circulating supply of nearly 84 million.
INJ Price Prediction: What is the Next Target?
Technical analysts use the Elliott Wave theory to recognize repetitive long-term price patterns and investor sentiment, aiding them in determining the trend direction. The prevailing interpretation suggests that the INJ price is currently in the fifth and final wave of an upward movement initiated in June.
The next potential target for the peak of this movement is $40. This target is calculated by assigning 0.618 times the length of waves one and three combined to wave five. The target is 40% above the current price.
Since there is no bearish divergence in the weekly RSI, wave five may extend further and reach the next target at $60. A 100% INJ upward movement is required to reach it.
Nevertheless, the reaction once the price reaches the $40 level will determine if wave five will extend further.
Despite this bullish prediction for the INJ price, a close below the $20 support region (green) would indicate the completion of the upward movement. In such a scenario, a 70% decline to the nearest support area at $9.80 becomes the most probable outcome.
For BeInCrypto’s latest crypto market analysis, click here.