Today’s price increase in Injective (INJ) culminated in a new all-time high of $32.20.
INJ is now in the process of price discovery, with no horizontal resistance overhead. How long will it continue to rise? Let us investigate.
Injectables Hit a New All-Time High
Since January, the INJ price has risen rapidly. During this rise, it broke through two major resistance levels, one diagonal and one horizontal.
The rate of increase accelerated further in October after the altcoin broke through the horizontal resistance zone. The INJ price increase today culminated in a new all-time high of $32.20. This represents a 2360% increase since the beginning of the year.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and make informed decisions about purchasing or selling an asset.
When the readings exceed 50 and show an upward trend, it indicates that the bulls are still in the lead. Readings below 50, on the other hand, indicate a potential advantage for bears. Despite the fact that the market is overbought, the weekly RSI is rising and has not produced any bearish divergence.
What is the Next Target for INJ Prices?
Elliott Wave theory is used by technical analysts to identify repetitive long-term price patterns and investor sentiment, which helps them determine trend direction. According to the current interpretation, the INJ price is in the fifth and final wave of an upward movement that began in June.
The next possible target for this movement’s peak is $40. This target is calculated by multiplying wave five by 0.618 times the length of waves one and three combined. The target is 40% higher than the current price.
Because the weekly RSI shows no bearish divergence, wave five may extend further and reach the next target of $60. It requires a 100% INJ upward movement to get there.
Nevertheless, the reaction once the price reaches the $40 level will determine if wave five will extend further.
Despite this bullish forecast for the INJ price, a close below the $20 support region (green) would signal the end of the upward trend. In this case, a 70% drop to the nearest support area at $9.80 becomes the most likely outcome.