Traders commonly employ the Relative Strength Index (RSI) as a momentum indicator to assess market conditions, to determine whether an asset is overbought or oversold, and to decide on buying or selling actions.
INJ Price Prediction – Is All-Time High Within Reach?
The Elliott Wave theory, which involves analyzing recurring long-term price patterns and investor sentiment, aligns with the notion of sustained price growth for the altcoin.
As per this theory, the altcoin is increasing in the fifth and final wave of its upward movement. The extent of the fifth wave can be analyzed utilizing Fibonacci projections. This is done by measuring the lengths of the first and third waves.
The Fibonacci retracement levels theory states that following a significant price movement in one direction, the price is anticipated to undergo a partial retracement to a prior price level before resuming its trajectory. This approach aids in identifying potential future peak levels for price increases.
Applying this framework, if wave five constitutes 0.382 of the combined length between waves one and three, it is possible to push INJ’s price to $25, marginally below its all-time high of $25.30. This would be an increase of 60%
However, despite this bullish INJ price prediction, a bearish weekly close could signal that the local top is in and that a 40% drop to the closest support at $10 will occur.
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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.