As of the time of writing, the price of BTC was returning to $28,500 after testing $28,800. Despite the optimism of crypto investors due to the progress of ETF processes, volumes continue to remain low. However, some exceptions among altcoins are aiming for new highs with the support of the rising BTC price.
Injective (INJ) Coin is among the popular altcoins and has been increasing throughout the year from its low of $1.22. The price increase caused a break from the long-term declining resistance trend line in March. The rally gained so much momentum that by April, we saw the price reach $9.97. This increase was something that only a few altcoins experienced in 2023.
As of now, INJ Coin, which has increased by 5%, continues its struggle to surpass $9. The altcoin, which tried to surpass the $10 resistance area twice but failed, had made new lows. Now, the bulls seem to be taking action for a new test. Moreover, the positivity in the BTC price is in favor of the bulls.
The increasing price and RSI indicate that the upward trend continues. The RSI’s bullish divergence suggests that a new test of $10 may be possible in the coming hours.
Recent good news has contributed to the positive performance of the popular altcoin. First, the protocol announced compatibility with Ethereum applications through the inEVM feature. Then, the inj domain name was made available. The waiting list for the domain had 100,000 registrations, indicating the level of interest.
Another unforgettable event in October was the announcement of the event supported by Google Cloud. The hackathon will continue throughout October and has a prize pool of $100,000. In addition, the first DEX on the network and many other positive news support INJ Coin.
Regarding the price, the current Elliott wave count can give us an idea. The most likely wave count indicates an upward trend. The INJ Coin price is approaching the end of the fourth wave in a five-wave upward movement. The target for the fifth wave’s peak is the $25 area, well above the current price.
If the price manages to hold this area, it can climb up to $36.5. However, in the opposite scenario, we may see a destructive drop to $4 with a close below the support of the triangle.