Injective surges by 18% in 7 Days: Is a new ATH of $100 on the horizon?
Injective has made significant movements over the past 7 days. On weekly charts, INJ has surged by 18% leaving analyst eye a new ATH.
Over the past month, crypto markets have experienced extreme volatility. While most altcoins have made moderate gains as Bitcoin [BTC] hits past $64k, others lag. Amidst this volatility, Injective [INJ] was not exceptional.
However, over the past seven days, INJ has made significant gains to trade at $21.77. This makes an 18% increase on weekly charts.
Prior to these gains, INJ was on a downward movement from July 24 that finally came crashing with the October 5 market crash hitting a low of $13.5.
Despite the recent gains, the altcoins remain significantly low from the yearly high of $52.6. Thus, these recent gains, have left analysts and traders aiming for a sustained rally to a new all-time high.
Inasmuch, Crypto Faibik, a popular crypto analyst posits that INJ is currently positioned to make a new ATH.
Prevailing market sentiment
In his analysis, CryptoFaibik sees that INJ is set to break from the falling wedge. According to the analysts, a breakout from this pattern which strengthen the altcoin to make a new record price.
“INJ is finally on the verge of a Falling Wedge Breakout. Once the Falling Wedge successfully breaks out, it could hit the $100 mark in Q4.”
This means that while Injective has been declining in the recent past, the current conditions and price movements prepare the altcoins for historical gains.
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