In the ever-evolving realm of cryptocurrencies, Injective (INJ) has recently taken center stage. Just last week, we provided three distinct year-end performance forecasts. CaptainAltCoin predicted a December value of $5.16, DigitalCoinPrice forecasted a year-end worth of $15.78, and PricePrediction.net anticipated a 2023 value of $9.28.
Amidst the market’s surging price trends, INJ’s momentum hasn’t just held steady; it’s surged with unprecedented enthusiasm. Impressively, INJ has already exceeded two of the three price predictions and is now setting its sights on the final one. The burning question on everyone’s minds: Can INJ surpass even our most optimistic projections before the year concludes?
After reaching its record peak of $25, INJ began a bearish descent, marked by the formation of a descending triangle that reached its low point at $1.20 on June 18, 2022.
Over a protracted 236-day span, INJ traded within a well-defined horizontal range, with a lower limit at $1.20 and an upper boundary at $2.80. This consolidation phase reached its culmination with a breakout on February 1, 2023, followed by a retest of the upper boundary as support by March 12.
This breakout marked the onset of a robust upward surge, propelling INJ to an impressive $10 by April 16, 2023. After this surge, the price entered another consolidation phase, this time marked by the formation of a symmetrical triangle. Near its October 12 culmination, the pattern broke out bullishly, pushing the price to a recent high of $12.88.
However, caution is advised. The daily chart’s RSI, currently hovering around 90%, signals potential overextension. Historically, such elevated RSI levels have coincided with market tops, often preceding a downturn. Investors should exercise vigilance and consider this metric when making future trading decisions.
Taking a closer look at the 4-hour chart to analyze the recent price surge, it becomes clear that a lower-degree five-wave impulse pattern is currently unfolding.
Today’s peak likely marks the completion of wave 3, hinting at an upcoming retracement. By projecting a favorable retracement for wave 4 to the 0.382 Fibonacci level, we set our target at $10.70.
Following this expected minor pullback and the subsequent establishment of support, another ascent is on the horizon, marking the onset of wave 5. Our attention is on the next significant resistance level at $14.50, which serves as our envisioned endpoint for this bullish phase.
Interestingly, this upward trajectory may align with the year’s end, potentially positioning 2023 to conclude with INJ valued above $14. With this analysis in mind, it appears that our initial third price prediction may require adjustment.
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.