$INJ is the native token of Injective Protocol, a blockchain protocol optimized for trading assets across different blockchains and it offer auto-executing smart contracts which empower faster, more innovative and groundbreaking applications. In today’s article, we’ll explore the Elliott Wave path taking place within the daily cycle.
Following the 4300% rally in the recent 2 years, $INJ ended the impulsive 5 waves advance in wave ((1)) at $53 and then it started a pullback in wave ((2)). The correction lower unfolded within a double three 7 swings structure. It traded into the equal legs area $22.6 - $10.9 marked by the blue box and consequently it found buyers for an initial reaction higher form there.
Injective coin is expected to establish a higher low then resume the rally within the daily bullish trend. The move to the upside within wave ((3)) is expected to reach a minimum target at $70 and will be looking for extension higher at $102 in the coming months.
INJECTIVE $INJ Daily Chart 4.30.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $22.6 – $10.9
-Invalidation Condition : Daily Close below $10
-Targets / Ratio : Target 1 at $70 (3.76 RR) – Target 2 at $102 (6.3 RR)
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