Injective (INJ) Price Set To Skyrocket 33% On Classic Bullish Signal: Crypto Analyst
07 Giugno 2024 - 1:02PM
NEWSBTC
In an analysis shared on X, renowned crypto analyst Josh Olszewicz
(@CarpeNoctom) forecasts a significant 33% rise in the price of
Injective (INJ) based on a classic bullish chart pattern known as
the inverted head and shoulders (iH&S). The chart suggests a
strong reversal possibility from recent bearish trends, potentially
steering the cryptocurrency’s price to new local highs. Injective
Price Prepares For Lift-Off The iH&S pattern, prominently
featured in Olszewicz’s chart, is a revered formation among
technical analysts for predicting bullish reversals following a
downward trend. This pattern is identified by three troughs: the
middle trough (head) being the deepest and flanked by two shallower
troughs (shoulders), which are approximately of similar depth.
Related Reading: Injective Market-Shaking News Drives INJ Price Up
By 7% – Details On the chart, the left shoulder forms around
mid-April, dipping below $23.50. The head is seen in May, dropping
to a low near $21.08. The formation completes with the right
shoulder in early June, reaching down around $23.90, mirroring the
left shoulder. The neckline, which is a key component in this
pattern, is drawn across the peaks that connect the shoulders and
the head. On Olszewicz’s chart, this line is positioned at
approximately $28.70. A breakout above this neckline is typically
interpreted as confirmation of the pattern’s completion and an
impending bullish trend. According to the chart, the price of INJ
is about to break above this critical threshold. The analyst’s
chart also integrates the Ichimoku Cloud, which provides a dynamic
look at potential support and resistance areas. Presently, the
price of INJ is hovering near the lower edge of a red cloud,
indicating an upcoming resistance zone, which traders might watch
closely. Related Reading: Injective (INJ) Buy Signal That Led To
700% & 555% Rallies Forms Again Further enriching the analysis
are the Fibonacci extension levels drawn from the lowest point of
the head to the neckline of the iH&S pattern. These levels
project potential price targets if the bullish breakout is
confirmed. The 1.618 Fibonacci extension is marked at $34.74, and a
more ambitious 2.0 extension reaches $39.09. These targets
represent potential resistance levels where traders might take
profits, hence they are crucial for understanding possible future
price movements. Josh Olszewicz’s reliance on the iH&S pattern
combined with other technical indicators such as the Ichimoku Cloud
and Fibonacci extensions presents a comprehensive view. This
analysis suggests that INJ’s price could escalate towards $34.74
and might even extend to $39.09, marking a 33% increase from the
current price. Investors and traders need to monitor INJ’s price
movement closely, keeping an eye on trading volumes and market
sentiment which could either accelerate or hinder the predicted
bullish momentum. At press time, INJ traded at $29.51. Featured
image created with DALL·E, chart from TradingView.com
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