With the Bitcoin price reclaiming $43,000, a rapid recovery process has begun for altcoins in general. Some are experiencing even faster rises. For example, INJ Coin has left $32 behind with an increase of over 20% today. After the exciting recovery, the rally could extend. So, what is the next target for INJ Coin in terms of dollars?
Injective (INJ)
Before the U.S. stock markets opened, the Ledger vulnerability took center stage, and we saw the BTC price fall back below $43,000. However, the INJ Coin price still maintains its double-digit gains. The price increase of Injective (INJ) has brought it to its all-time high. While most cryptocurrencies have not yet returned to their 2022 peaks, INJ investors are quite fortunate.
After breaking above the horizontal resistance area in October, the rally gained momentum. Following today’s peak, the gains for 2023 have reached a full 2360%. The RSI still sends bullish signals, and investors’ appetite for risk is strong. If BTC does not linger too long above $43,000, new highs could be on the horizon.
INJ Coin Price Predictions
According to Santiment data, the top three whales have accumulated about 7 million INJ Coin in nearly 90 days. The whales, predicting the continuation of the rise and supporting it with increasing demand, have been quite profitable in the process. Popular cryptocurrency analyst PaoloG wrote that the INJ Coin price rise will continue for a long time and will turn it into one of the top 10 cryptocurrencies.
CryptoJelle is among the crypto experts expecting a rise and wrote that volatility will remain strong and we may see more parabolic rallies. The scarcity of supply is evident on the INJ Coin front, as more than half of the 84 million circulating supply is staked, and this is fueling the rally.
According to Elliot wave counting, INJ Coin price is in the last phase of a five-wave movement and has the potential to see an even larger peak. The possible target is $40. Since there’s no downtrend in the weekly RSI, the fifth wave could extend even further, and we could see this peak pulled up to $60.
However, when the $40 region is reached, the scale of future profit-taking will be decisive for the rally. In the opposite scenario, closures below $20 could trigger a pullback to the $9.8 support level.
