Then, by measuring the lengths of the first and third waves, we can estimate the potential length of the fifth wave using Fibonacci projections.
The Fibonacci retracement levels theory suggests that after a significant price move in one direction, the price is expected to partially retrace to a previous price level before continuing in the same direction.
This theory can identify potential future peak levels for price increases.
Applying this theory, if wave five has 0.382 of the combined length between waves one and three, it could push INJ’s price to $25, just slightly below its all-time high of $25.30.
This would represent a 40% increase from the current price. If wave five extends further, the altcoin’s price could increase by 100% and reach the next resistance level at $36.50.
Finally, it’s important to note that despite this optimistic INJ price prediction, if the price reaches a local peak, it could decline by 45% and return to the horizontal support area at $9.20.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.