Injective (INJ) Surpasses $30 Mark: Can It Reach $40?
Official links:
Twitter: https://twitter.com/Injective_
Site: https://injective.com/
The recent surge in value has propelled Injective (INJ) to achieve a new historical peak at $32.20, solidifying its position as one of the most dynamically evolving cryptocurrencies. Let’s delve into how long the upward momentum of INJ is expected to continue.
Injective Hits a New All-Time High
The price of INJ has been on a consistent upward trajectory since the beginning of 2023. During this bullish movement, it successfully broke through two significant resistance levels — diagonal and horizontal.
In October, the altcoin surged above the horizontal resistance area and today set a new all-time high at $32.20. This signifies a staggering 2360% surge in the price of Injective over the past year.
Meanwhile, the weekly Relative Strength Index (RSI) has entered the overbought territory but has not yet formed bearish divergences.
Analysts’ Perspectives
Prominent cryptocurrency traders and analysts on Twitter maintain a bullish outlook regarding the prospects of Injective.
The analytical platform Santiment notes that over the last three months, the three largest INJ holders have increased their holdings by 7 million coins, now owning approximately 85% of the supply valued at $2.18 billion.
INJ Price Forecast: What’s the Next Target?
According to wave analysis, the current price of INJ is in the fifth and final wave of the upward movement that began in June.
The next potential target for the peak of this movement is at the $40 mark. This is calculated by attributing the fifth wave a length 0.618 times greater than the combined length of the first and third waves.
As the weekly RSI has not yet formed bearish divergence, the fifth wave may continue and reach the subsequent target at $60.
However, how Injective reacts to the $40 level will determine whether the fifth wave will extend further.
Despite this bullish forecast, closing below the support zone of $20 would signify the end of the upward trend. In such a scenario, a 70% decline to the nearest support area at $9.80 becomes the most likely outcome.
