The daily chart of INJ reveals a clear five-wave Elliott Wave structure, culminating in a peak at $53 on Mar. 13.
Following this, the price entered a corrective phase, reaching a critical Fibonacci retracement level.
Currently, INJ is hovering above the $13.63 level, with the following key resistance aligning around $22.98 (0.236 retracement)—the 0.382 Fibonacci retracement at $28.76 marks a major hurdle for any sustained recovery.
However, failure to maintain above $13.63 would invalidate the bullish case, exposing deeper downside risk.
INJUSD corrective phase | Credit: Nikola Lazic/TradingView
The daily Relative Strength Index (RSI) remains in neutral territory, indicating a lack of momentum.
This suggests that INJ could still be in the latter stages of its corrective phase, with a potential consolidation before a breakout decision.
A significant reclaim of the $22.98 level would be an early confirmation of renewed bullish momentum.
The descending trendline, which has capped price action for several months, is also a significant factor. A definitive break above this resistance could spark a bullish wave targeting the upper Fibonacci retracement levels.
INJ Price Prediction
The 1-hour chart provides a more granular look at INJ’s immediate trajectory. Following a completed corrective phase labeled as ABC, which started on Dec. 20, INJ has found short-term Support near $13.08 (0.786 Fibonacci extension).
The price now attempts to build a base while facing downward pressure from a diagonal resistance trendline.
INJUSD two possible scenarios ahead | Credit: Nikola Lazic/TradingView
Two possible scenarios emerge from the current structure:
Bullish Breakout: If INJ successfully breaks above $15.97 (0.618 extension), it could aim for a rally towards $18.00 (0.5 Fibonacci extension). A further extension could see the price targeting $20 (0.382 extension). Completing an ABC corrective pattern suggests that a new impulse wave might be forming, with a potential recovery towards the $26 zone if buyers step in.
Bearish Breakdown: If INJ fails to hold above $13.08, the structure could extend into a more prolonged correction. A drop towards the 1.0 Fibonacci level at $9.40 is possible, marking the final stage of the ongoing retracement.
RSI on the 1-hour chart attempts to recover from oversold conditions, hinting at potential bullish divergence. However, confirmation of an uptrend would require a decisive breakout above the descending resistance.
While short-term uncertainty remains, a breakout above $15.97 would increase the likelihood of a reversal.
Conversely, failure to hold above $13.08 could accelerate bearish momentum.
Short-Term Target: Above $22.98 if momentum sustains.
Invalidation Zone: Below $9.40, signaling a deeper correction.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
