Injective (INJ) Bucks Market Trend with Double-Digit Gains: Eyeing All-Time High?

This week, the Injective (INJ) price increase culminated with a new yearly high of $23.29.

The price is quickly approaching its all-time high at $25.30. When will it reach a new one?

Injective Reaches New Yearly High

The INJ price has increased swiftly since the start of the year. In March, the price broke out from a descending resistance trend line that had been in place since the all-time high. Initially, the altcoin struggled to move above an important horizontal resistance area.

After breaking out from it in October, the rate of increase accelerated, culminating with a new yearly high of $23.20 this year. So far, the INJ price has increased slightly more than 1,600% this year.

INJ/USD Weekly Chart. Source: TradingView

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. Despite being overbought, the weekly RSI is increasing and has not generated any bearish divergence. 

What Are Analysts Saying?

Cryptocurrency traders and analysts  on X are bullish on the future INJ price trend.

CryptoKindie noted the massive yearly increase and stated that the upward movement could continue since Injective is approaching price discovery.

INJ/USDT Weekly Chart. Source: X

TheCryptoDog shared his sentiments in a short, simple message, stating:

$INJ price discovery begins this week

CryptoYapper is also bullish for the future outlook since the price moved above a long-term horizontal area. He suggests this price action is very bullish.

Finally, Alejandro noted that INJ is approaching the final resistance area before it reaches price discovery.

INJ Price Prediction: When Will We See New All-Time High?

Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend. The most likely count suggests that the INJ price is in the fifth and final wave of an upward movement that began in June.

The price is approaching the first potential target for the top of this move at $25. The target is found by giving wave five 0.382 times the length of waves one and three combined.

However, wave five will likely extend since the weekly RSI has not generated a bearish divergence.

In that case, the next resistance will be $36.50, found by giving wave five 0.618 times the length of waves one and three combined. An INJ upward movement of 75% is required to reach it. This would constitute a new INJ all-time high.

INJ/USDT Weekly Chart. Source: TradingView

Despite this bullish INJ price prediction , failure to close above $25 will mean the top is in. In that case, a 55% drop to the closest support area at $9.80 will be the most likely scenario.

For BeInCrypto’s latest crypto market analysis,  click here.