This weekend is as usually not so interesting for crypto traders. During the summer, people usually relaxed during their off days. However, there are always some altcoins pumping and despite SEI, INJ is also doing well with 8% today. The INJ price is now around $19.3.
It’s worth noting that Injective reached its all-time high of $48 back in March. Since then, it’s been in a retracement phase, currently sitting about 60% below that peak.
Injective (INJ) Price Predictions
Several popular crypto analysts have shared their thoughts on where is Injective headed next. Let’s dive into some of their INJ price predictions.
“Crypto General,” a Twitter influencer with over 200,000 followers, has his eyes set on a bullish target. He suggests that INJ has bounced off a major support zone and is poised for a breakout. If it retests and breaks above the trendline, he believes we could see a new all-time high.
$INJ price bounced from major support zone Breakout and retest of the trendline will take it to a new ATH.My target for the short mid term is $65. pic.twitter.com/0aEPhYWGeW
— Crypto General (@DaCryptoGeneral) August 10, 2024
His short to mid-term target? A cool $65. Based on his chart, this move could play out in late October or early November.
Another analyst, “Deftsuo,” while less known, offers an intriguing perspective on INJ’s potential. He draws parallels between INJ and SOL, expressing high conviction in INJ’s future performance. Deftsuo highlights INJ’s tokenomics as a key strength, suggesting that as the bull cycle ramps up, INJ could become truly deflationary.
Rarely do I have high conviction in any one coin.$INJ is the first coin since $SOL at $20 in late 2021 (and again in Q3 of 2023) that I am very confident trades significantly higher. Tokenomics is where it shines. As the bull cycle gets back into gear, I believe there will be… pic.twitter.com/hspyPZZMSX
— Deftsuo (@deftsuolol) August 7, 2024
With a hard cap of 100 million tokens and no further VC unlocks on the horizon, he sees potential for INJ to rival the market caps of established players like ADA and AVAX. His ambitious prediction ranges from $100 to $200 per token by the end of the cycle.
Lastly, “More Crypto Online,” a respected technical analyst in the crypto space, offers a more cautious short-term outlook.
$INJ: The structure remains unchanged. Wave 4 has reached the 50% retracement but the price could not yet break above resistance. One more low is still likely, and if one more low forms then $11.62 is next support. The main support level on this chart is $7.59.#Injective #INJ pic.twitter.com/0ODorBwtaY
— More Crypto Online (@Morecryptoonl) August 10, 2024
He notes that while INJ has reached the 50% retracement level, it’s struggling to break above resistance. He suggests we might see one more low, potentially around $11.62, before a significant move upwards. However, he emphasizes that the main support level to watch is $7.59.
All in all, we’ve seen both optimistic and more cautious price predictions for INJ, it’s important to keep the current market context in mind. The bottom line is that INJ first needs to overcome the psychological barrier at the $20 mark and successfully flip it into a support level before we can realistically expect any major rallies. Despite today’s encouraging pump, INJ is still trading below this crucial area. If it fails to break and hold above $20, we could potentially see further corrections in the short term.
Read also: Toncoin Price Prediction: Expert Eyes “An Easy $10” – Will TON Flip SOL and BNB?
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