Injector (INJ) price falls after reaching an all-time high

Injectable (INJ) prices rose to a new all-time high of $34.64 on December 15.

INJ's price has spawned several long top wikis since its peak. Is this a sign of an impending decline, or will the INJ push to a new all-time high?

The needle costs more than $30

Technical analysis from the weekly time frame shows that INJ's price has risen rapidly since the beginning of the year. INJ's price rally ended last week at a high of $34.60, a nearly 2,700% move in 2023.

In the upward move, the altcoin first cleared the diagonal resistance in place from the previous all-time high. Then, accelerating the increased speed, it moved above the critical horizontal resistance.

Since the second breakout, INJ's price has formed eight bullish weekly candles in nine weeks.

With RSI as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.

Bulls have the advantage if the RSI reading is above 50 and the trend is up, but if the reading is below 50, the opposite is true.

The weekly RSI is rising and is above 50. Although it is in the overbought territory, it did not make any difference to the bear.

What are the analysts saying?

Cryptocurrency traders and analysts at X are bullish on the upcoming INJ price trend.

The win is bullish because of the short-term Wyckoff Accumulation pattern.

Our cryptocurrency is bullish for fundamental reasons. The bill cited three main reasons for the continued upward movement on Twitter.

Perpetual Futures Trading Boom: The Injector Protocol's price surge is due to a surge in Perpetual Futures trading, which exceeded $25.5 billion in the last 24 hours. This increase, driven by leverage, is contributing to higher price volatility.

Incentives for Volatility: Centralized exchanges, particularly the Wix exchange, are encouraged to generate volatility by trading Perpetual Futures, resulting in higher returns. Design similarities between Weex Exchange and Binance raise suspicions of market manipulation.

Gain-Based Acceleration: The current price rally is not the result of natural spot market activity, but is driven by gain, especially in fixed futures. Short-term traders looking for leveraged profits are speeding up the rally, exposing both short-term and long-term investors to greater risk and volatility.

Rect Capital is also stupid because INJ is on price discovery. It identified the previous high as a support level to hold for this trend.

INJ Price Forecast: Local Top Near?

Daily time frame analysis provides a mixed view. On the downside, the price of INJ has formed several long uptrends (red icons) from its highs. These are considered signs of selling pressure.

However, the daily RSI has broken out of the bearish divergence trend line (green), indicating that the trend is still bearish. So, although the time frame shows the possibility of a short-term recovery, the long-term trend looks bearish.

Technical analysts use the Elliott Wave theory to identify recurring long-term price patterns and investor sentiment, helping them confirm the direction of the trend. According to the main wave count, the price of INJ is on the fifth wave of this increase, after which a significant correction will occur.

The summation of this activity is estimated at $40. This target is determined by applying the 0.618 combination of wave length one and three to wave five, which represents a 35% increase from the current price.

With no bearish divergence in the weekly RSI, wave five may extend further and reach the next target at $60. To achieve this goal, the value of INJ must increase by 110%.

However, if the price of INJ reaches the $40 level, the result will be decisive for wave five to continue its rise.

Despite the bullish outlook for INJ price, a close below the $20 support area (green) signals the conclusion of the upward move. In such a scenario, a 70% decline to the support area at $9.80 is highly likely.

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