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Fetch.AI and Injective Protocol Token Prices Show Double-Digit Gains Amid Hinted Collaboration

Published June 25, 2024 2:17 PM
Nikola Lazic
Published June 25, 2024 2:17 PM

Key Takeaways

  • FET surged 27% after Injective collaboration hint.
  • INJ rose 17% following Injective’s speculative tweet.
  • AI-related cryptocurrencies gained despite broader market decline

Fetch.AI (FET) has surged nearly 27%, while Injective Protocol’s INJ rose 17% in the last 24 hours following a tweet from Injective hinting at a potential collaboration. This increase occurs amidst a growing interest in AI-related cryptocurrencies, even as the broader crypto market is declining.

Injective’s tweet is vague yet intriguing, sparking speculation among crypto enthusiasts. As these tokens were already in an uptrend, this further adds to the momentum, making bullish outlooks with the next highs ahead likely.

FET Price Analysis 

FET’s price initiated a significant uptrend on November 26, 2022, beginning at a support level of $0.070. This rally peaked at nearly $3.5 by March 28, marking the end of this bullish phase. The uptrend from last August’s low likely represents the start of a five-wave pattern, with the March peak being the third wave.

FET
FETUSD | Credit: Nikola Lazic/Tradingview

FET is concluding its corrective fourth wave, reaching a low of $1.10 on June 18. This point is potentially the end of the correction, as we can observe an ABC pattern with the C wave matching the length of wave A. The daily chart’s RSI dropped to the oversold zone at 22%, suggesting the June 19 low might be the final low in this descending channel.

As the price approaches resistance, a temporary rejection could occur, leading to the first higher low before a breakout. If this scenario unfolds, it would confirm the start of the next major uptrend. According to this projection, FET could reach a new all-time high, targeting a price above $4 by September 2024.

INJ Price Analysis 

On June 18, the INJ price fell to a low of $19, potentially concluding its downtrend since March 13, when it reached a high of $53. Its last ascending structure was likely its B wave from an ABC pattern. After falling to the same level as on April 13, the price made a significant bounce, proving that support is still present at those levels. 

INJ
INJUSD | Credit: Nikola Lazic/Tradingview

Now, we can expect the start of a new uptrend but, a higher low during the subsequent rise and a following correction will confirm this, ideally keeping the price above $25.

If this occurs, the second wave will be validated, indicating that INJ has reached a higher price plateau. Given the previous decline and the likelihood that INJ has finished its correction phase, this scenario seems probable.

Alternatively, if the price fails to rise above $35 and faces rejection, the increase since May 1 could end as a three-wave corrective pattern, suggesting more downside to follow. Therefore, a breakout above $35 and a five-wave structure will be the first major indicators of a new bull phase for INJ.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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