Although while the Injective (INJ) price has dropped since its yearly high in April. Nonetheless, it shows signs that it will soon regain its footing.
The wave count and the longstanding readings indicate that the upward movement will resume soon.
Injective Price Attempts to Resume Uptrend
The INJ price has increased since the beginning of the year. In January, INJ cleared a longstanding resistance that had been in place since the May 2021 record-breaking peak. Breakouts from such longstanding structures usually lead to whole lot of increases.
Following the breakout, the price validated the line as support in March (green icon) before further accelerating its price of increase. This led to a new yearly high of $9.97 the following 30 days. Regardless of the high, the price failed to reach the key resistance at $13.80 and dropped afterward.
The weekly RSI supports the to continue of the increase. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions, and to decide whether to accumulate or sell an investment.
Readings over 50 and an upward tendency indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The indicator is over 50 and moving upwards. In addition, it has generated a hidden positive tendency divergence, an occurrence that usually leads to a tendency continuation.
INJ Price Prediction: Does Wave Count Support Increase?
The technical analysis from the daily time frame supports the continuing increase. The main reason for this is the wave count. The Elliott Wave theory, employed by technical analysts, involves the analysis of recurring longstanding price patterns and investor psychology to determine the direction of a tendency.
Reports by the count, the INJ price has completed wave four of a five-wave increase. If correct, it has now begun the fifth and final wave of the rise.
If the count is correct, the top’s possibly likely target would be $14. The target is found by projecting the length of waves one and 3 to the lowest of wave four. The target would likewise align with the previously outlined longstanding resistance at $13.60.
Regardless of this positive tendency INJ price prediction, a decrease below the wave four low (red line) at $5.58 will mean that the tendency is bearish.
In that case, the INJ price will likely fall to the following closest support at $4.
