The Injective (INJ) Breaks Out From Long-Term Resistance
The Injective (INJ) team recently announced a new integration with the Binance wallet. This announcement comes as the price of INJ has been on the rise, clearing multiple resistance levels and approaching its all-time high.
Since the start of the year, the price of INJ has surged by 1,330%. In March, it broke out from a descending resistance trend line that had been in place for nearly 700 days. Despite facing resistance around $9.50, INJ broke out again in October and has been increasing rapidly since.
When evaluating market conditions, traders use the Relative Strength Index (RSI) to determine whether a market is overbought or oversold. The weekly RSI for INJ is above 50 and moving upwards, which are considered positive signs.
INJ Price Prediction – Is All-Time High Within Reach?
According to the Elliott Wave theory, which studies long-term price patterns and investor sentiment, INJ is currently in the fifth and final wave of its upward movement. By using Fibonacci projections, it’s estimated that if wave five has 0.382 of the combined length between waves one and three, it could push INJ’s price to $25, just slightly below its all-time high of $25.30.
If wave five extends further, the altcoin’s price could increase by 100% and reach the next resistance level at $36.50. However, if it reaches a local peak, it could decline by 45% and return to the horizontal support area at $9.20.
Hot Take: Can INJ Reach Its All-Time High?
The recent integration with Binance is a positive development for INJ, signaling continued growth potential. With strong bullish momentum and favorable technical indicators, there is a real possibility that INJ could reach its all-time high in the near future.
By
By