The post Injective (INJ) Price Approaches All-Time High During Hackathon appeared on BitcoinEthereumNews.com.

The Injective (INJ) hackathon with a prize pool of $100,000 is ongoing until Dec. 12. The INJ price has increased significantly in October-November and is approaching its all-time high. Injective Approaches All-Time High The Injective price has been moving upwards since the start of the year. In 315 days, the INJ price increased by more than 1,400%. In March, INJ initiated a breakout from a descending resistance trend line that had persisted for nearly 700 days. While it encountered a temporary setback around the $9.50 resistance area, INJ resumed its upward momentum in October and has been on a swift incline since. Read more: How to Start Copy Trading: A Definitive Guide for Beginners Traders commonly employ the Relative Strength Index (RSI) as a momentum indicator to assess market conditions, to determine whether an asset is overbought or oversold, and to decide on buying or selling actions. An RSI reading above 50 and an upward trend indicate an advantage for the bulls. Conversely, a reading below 50 suggests the opposite. Presently, the weekly RSI stands above 50 and is trending upwards, but is also in overbought territory. INJ/USD Weekly Chart. Source: TradingView The Injective X Google Cloud Illuminate hackathon is ongoing until Dec. 2. The hackathon has a prize pool of $100,000 and will provide technical guidance and mentorship for builders and startups. INJ Price Prediction – Is All-Time High Within Reach? The Elliott Wave theory, which involves analyzing recurring long-term price patterns and investor sentiment, aligns with the notion of sustained price growth for the altcoin. As per this theory, the altcoin is increasing in the fifth and final wave of its upward movement. The extent of the fifth wave can be analyzed utilizing Fibonacci projections. This is done by measuring the lengths of the first and third waves.…

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Filed under: News - @ November 14, 2023 4:24 pm