Injective Protocol (INJ) Regains $20 After 28% Increase — Bull Phase Confirmed
INJ price spikes 28% after it made a breakout to the downside. Is this the first sign of a reversal?
Key Takeaways
- INJ recovery signals the possible start of a new uptrend.
- The $16 level is crucial; a drop below it suggests a downside.
- A breakout past $25 could confirm bullish momentum.
After reaching an all-time high of $54 on March 14, the price of INJ entered a significant corrective phase, forming a descending triangle and reaching a low of $13.60 on Aug. 5.
A recent breakout to $24 on Oct. 1, followed by a rebound from a low of $16 on Nov. 4, suggests a potential shift toward bullish momentum, though further confirmation is needed.
INJ Price Analysis
On March 14, INJ reached an all-time high near $54, ending a five-wave rally that started in January 2023.
This uptrend was followed by a sharp decline, forming a descending triangle and an ABCDE correction, with a low of $13.60 on Aug. 5 and an oversold Relative Strength Index (RSI) of 26%, suggesting a potential trend reversal.
INJ rebounded to $24 on Oct. 1 after breaking out from descending resistance, possibly indicating the start of a new bull phase.
An ascending triangle has since formed, with a recent high of $22.50 before it retraced to ascending support.
A breakout to the downside was made, leading to a low of $16 on Nov. 4. Since then, an upward spike of 28% has been seen, bringing INJ back above $20 and inside the territory of the ascending triangle.
This could be the first bullish sign, as the price significantly increased after maintaining a higher low than on Aug. 5.
INJ Price Prediction
The hourly chart suggests that INJ may have completed a five-wave pattern from the August low to the ascending triangle, potentially as a leading diagonal.
If the recent high was a brief spike, it could signal an ABC correction, increasing the likelihood of a downside breakout.
In a bullish scenario, a five-wave pattern ending at $25 on Oct. 17 could mean this decline is corrective, with the next uptrend aiming for $30. Additionally, in a bearish scenario, the recent peak of $23 on Oct. 17 could mark a lower high, indicating a continuation of the correction, with a potential drop to $10.
The rise since Nov. 4 is tipping more toward a bullish scenario, but further confirmation is needed. Additionally, the hourly chart Relative Strength Index (RSI) is signaling overbought conditions, which is why we could expect to see a downturn.
If INJ makes a higher low compared to Nov. 4, the likelihood of further upside will be high. But if it goes below $16, we will likely see a corrective rise with more downsides ahead.
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