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Closely followed crypto analyst Michael van de Poppe has eyed one of the Ethereum-based decentralized exchange (DEX) protocols, raising its price target.
In a new Eight Global blog post, van de Poppe notes that the Injective Protocol (INJ) has tested its key points of resistance over and over again, making the aforementioned supply areas weaker and more prone to breakouts. said.
The chart itself is self-explanatory as it shows the resistance zone that the Injective Protocol must break through. As such, the area around $2 is a vital area to crack and once it cracks it will head towards $3. a large gap opens.
Why such a significant execution potential? Simple. INJ prices have been flat since May. Therefore, given the current sentiment, the public is shorting assets and all cryptocurrencies. A breakout of the highs seen at $2 is likely to accelerate as breakout traders step in to buy the asset.
Still, the shorts are also liquidating or being stopped (closed by the opening of the longs), meaning there is a big gap in price action towards $3 and a massive uptick near 50% is just around the corner. increase. “
The analyst’s top target of $3 is currently 54% off INJ’s current price of $1.94.
Fellow crypto analyst Altcoin Sherpa said last week that he was aiming for an entry point near $1.70 for INJ before targeting the $2.20 range.
“INJ: Buy strength in this market. I will buy the next dip I feel comfortable about when it comes. Probably in the mid-dollar range.”
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