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

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. 

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. 

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. 

About the Author

Nikola Lazic

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. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

See more

[email protected] LinkedIn