- INJ surges by 18% on weekly charts.
Recent gains leaves an analyst predicting a new ATH of $100.
As a seasoned analyst with over a decade of experience in the financial markets, I have seen my fair share of price movements and market trends. The recent surge of Injective (INJ) by 18% on weekly charts has caught my attention, especially considering its past few months of downward movement.
Over the last month, I’ve noticed a rollercoaster ride in the crypto market, characterized by high volatility. While Bitcoin [BTC] surpassed $64k and many altcoins saw modest increases, other cryptocurrencies have lagged behind. In this volatile climate, Injective [INJ] didn’t stand out exceptionally.
Over the last week, I’ve observed a substantial upward trend in the value of INJ, with it currently trading at around $21.77. This represents a noteworthy 18% rise when compared to the previous week’s data on the chart.
Before these recent increases, the value of INJ had been steadily decreasing since July 24, reaching its lowest point at $13.5 during the market crash on October 5.
As an analyst, I find myself observing a noteworthy uptick in the altcoin market, yet it’s essential to acknowledge that these coins are still substantially below their yearly peak of $52.6. Consequently, my fellow analysts and I eagerly anticipate a prolonged surge towards a fresh all-time high, given this recent upward trend.
According to well-known cryptocurrency analyst Crypto Faibik, the Injective token (INJ) could potentially reach a new all-time high (ATH).
Prevailing market sentiment
In CryptoFaibik’s assessment, it appears that INJ could soon break free from its descending triangle formation. As suggested by the analysts, if INJ indeed breaks out of this pattern, it may gain significant strength, potentially reaching a new peak in its price.
Through the X page, the analyst shared his analysis stating that,
“After a long time, it appears that INJ might soon break out from its Falling Wedge pattern. If this breakout occurs, the price could potentially reach $100 by the end of Q4.”
As a researcher, I’m observing a pattern where Injective has been on a downward trend lately. However, the present market circumstances and price fluctuations seem to be setting up an environment that could potentially lead to unprecedented growth for altcoins in the near future.
What INJ price charts indicate
Is there evidence from other indicators that suggests CryptoFaibiki could indeed surpass its previous record high following its latest market activities?
Initially, let’s talk about the Relative Vigor Index (RVGI). At present, it stands at 0.219 and is above its signal line. This indicates that the final prices for a period are greater than the initial ones, implying a growing trend in the market as there seems to be an upward push.
The Directional Movement Index (DMI) also reinforces this trend’s uptick. As we speak, the positive index stands at 25.4, significantly higher than the negative index at 22.8, indicating a robust and dominant upward direction.
Over the last two weeks, AMBCrypto’s examination of Coinglass indicates a significant drop in long position liquidations. Following the market crash on August 5th, this decline has been substantial, going from approximately $780,000 to just $72,000.
Based on my own investment journey, I can say that the fact that investors are buying altcoins at a higher price than usual suggests they have high confidence in its future potential. This is something I’ve learned over time – when people are willing to pay more for an asset, it often means they believe it will yield significant returns in the long run. So, if you’re considering investing in altcoins, this could be a positive sign that others see value in their future prospects as well.
Similarly, at present, the funding rate for this altcoin, calculated using open interest, is positive. This indicates a higher appetite for long positions, suggesting a generally optimistic or ‘bullish’ outlook in the market.
Based on the recent breakout from a downward channel, it appears that the market sentiment is shifting positively towards INJ. Should these market conditions persist, I anticipate that the altcoin will attempt to surmount the next substantial resistance level approximately at $25.8 within the near future.
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2024-08-25 19:04