The Injective (INJ) Price Approaches $10 Resistance Area
The price of INJ has been trading slightly below the $10 resistance area since reaching its yearly high in April. However, the altcoin has regained its momentum and is once again approaching the resistance area. The price of INJ has seen a rapid increase since the beginning of the year, breaking out from a long-term descending resistance trendline in March and reaching a new yearly high of $9.97 in April. Since then, it has fallen and tested the $10 resistance area twice, creating lower highs.
Traders often use the Relative Strength Index (RSI) to evaluate market conditions and determine if an asset is overbought or oversold. Currently, the RSI for INJ is above 50, indicating a bullish trend. The indicator has also generated hidden bullish divergence, further supporting the bullish outlook.
Positive Developments for Injective Protocol
The Injective protocol has recently announced several positive developments. Firstly, it introduced compatibility with Ethereum applications through the inEVM feature, allowing them to operate on the Injective network. Additionally, the protocol unveiled “inj domains” for the first time, with an impressive 100,000 individuals registering for the whitelist. In October, Injective initiated the Illuminate Hackathon, supported by Google Cloud, with a $100,000 prize pool dedicated to fostering innovative web3 finance applications. Furthermore, Injective’s decentralized exchange, Helix, pledged support for pre-launch futures to ensure equal access to token markets.
INJ Price Prediction: Can All-Time High Be Reached?
Technical analysts using the Elliott Wave theory suggest that INJ is in a bullish trend. The current wave count indicates that INJ is nearing the end of wave four in a five-wave upward movement. The most likely target for the top of the fifth wave is $25, which is 200% above the current price and close to the all-time high of $25.30. If the movement extends further, the next target would be $36.50. However, a weekly close below the support line of a symmetrical triangle would invalidate this count and potentially lead to a drop to the $4 support area.
Hot Take: INJ Price on the Rise with Positive Developments
The price of INJ is approaching the $10 resistance area again after a period of consolidation. With bullish indicators such as an RSI above 50 and hidden bullish divergence, there is potential for a breakout. Additionally, the Injective protocol has recently announced several positive developments, including compatibility with Ethereum applications, the Illuminate Hackathon, and support for pre-launch futures on Helix. These developments could further boost the price of INJ. However, it’s important to monitor the weekly close and ensure that the symmetrical triangle’s support line holds to validate the bullish trend.
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