Injective (INJ) Nears All-Time High Amid Ongoing Hackathon
Date: 2023-11-14 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
INJ Approaches Historical High
The weekly technical chart illustrates a steady rise in Injective's price throughout the year. Over 315 days, the price of INJ has surged by more than 1400%. In March, INJ broke through a descending resistance line that had held for nearly 700 days.
Although a temporary pullback occurred around the $9.50 resistance level, October saw the resumption of an upward trend, with INJ's price continuing to climb rapidly. Traders often use the Relative Strength Index (RSI) as a momentum indicator to assess market conditions. Currently, the weekly RSI is above the neutral mark of 50, indicating a rising trend but nearing overbought territory.
Ongoing Injective X Google Cloud Illuminate Hackathon
Throughout November, the Injective X Google Cloud Illuminate hackathon continues, extending until December 14. With a prize pool of $100,000, developers and startups participating in this event have the opportunity to receive technical guidance and mentorship.
INJ Forecast: Will the All-Time High be Achieved
Elliott Wave Theory aligns with a sustained price growth forecast for the altcoin. According to wave analysis, the altcoin is in the fifth and final wave of a bullish structure. Fibonacci projections, measuring the length of the first and third waves, suggest that if the fifth wave constitutes 0.382 of the total length, INJ could reach $25, slightly below the all-time high of $25.30.
This forecast implies a 40% increase compared to the current price. If the fifth wave extends further, a 60% rise to the next resistance level at $36.50 is possible.
However, despite this bullish outlook, a bearish weekly close could indicate that a local peak has formed, leading to a potential 40% drop to the nearest support level of $10.
