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Injective Protocol Price Gains 25% Since June — Is It Heading To New All-Time High

Published 6 days ago
Nikola Lazic
Published 6 days ago

Key Takeaways

  • INJ’s price has increased by 30% since June 3.
  • A symmetrical triangle indicated consolidation; a breakout was achieved.
  • The predicted near-term target for INJ is $36.

The price of Injective Protocol’s token INJ has gained traction since the start of June. It rose from a higher low of $24 on June 3 to a high of $30 today, June 7, increasing by 30%. As it was previously in a major downtrend, with evidence suggesting it was its corrective phase, has it started its next advancement to a new all-time high?

INJ Price Analysis 

Since December 18, the price of INJ has shaped into a symmetrical triangle, indicating it was in a consolidation phase. A breakout to the upside occurred, resulting in an all-time high of $53 on March 13. 

INJ
INJUSD | Credit: Nikola Lazic/Tradingview

The price stayed there briefly, falling sharply on its downturn. It lost 65% of its value, coming to a low of $18 on April 13, but quickly snapped back above $20, indicating buying pressure has been encountered. 

A symmetrical triangle was formed, suggesting that INJ likely consolidate before its next major move. Today’s high confirmed that a new uptrend started, as it was higher than on April 20, and validated the breakout momentum. 

INJ Price Prediction 

The higher low of June 3 is considered the ending point of the second wave in a new five-wave uptrend. If this is true, INJ is now likely headed toward $36 for its third wave and later to $41 for the end of its upward advancement. 

INJ
INJUSD | Credit: Nikola Lazic/Tradingview

However, this would be considered the first sub-wave of a lower degree to a larger starting bull phase. It will be validated by a higher low on its following correction, preferably keeping the price above $31. 

Should this happen, we will receive confirmation, and wave 2 of a higher degree would prove that INJ made a higher price plateau. Considering the decrease previously seen and the fact that INJ likely ended its correction phase, this would be highly likely. 

Alternatively, if the price proves it doesn’t have the strength to go above $35 and gets rejected, the rise since May 1 could end as a three-wave corrective with more downside to follow. This is why a breakout above $35 and a five-wave structure will be the first major sign of a new starting bull phase for the price of 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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