Closely followed crypto analyst Michaël van de Poppe is eyeing one Ethereum-based decentralized exchange (DEX) protocol and setting upward price targets.
In a new blog post for Eight Global, Van de Poppe says that Injective Protocol (INJ) has tested its main resistance point multiple times, making the said supply area weaker and more prone to breakouts.
“The chart itself is self-explanatory, as it shows the resistance zone Injective Protocol has to break through. In that way, the area around $2 is a vital one to crack and if it cracks, a big gap opens toward $3.
Why is there a chance of such a significant run? Simple. The price of INJ has been moving sideways since May; therefore, given the current sentiment, the mass has been shorting the asset and everything in crypto. Once it breaks out of the range high, which we can see at $2, it will likely accelerate as breakout traders step in to buy the asset.
Still, also shorts are getting liquidated or stopped out (which are closed by opening longs), and there’s a big gap in price action towards $3, which means that a significant run of close to 50% is around the corner.”
The analyst’s top target of $3 is currently 54% away from INJ’s current price of $1.94
Fellow crypto analyst Altcoin Sherpa said last week that he was aiming for an entry point near the $1.70 level for INJ before targeting the $2.20 range.
“INJ: buy strength in this market. I’ll buy the next dip on it where it comes and feel comfortable about it. Probably mid $1s.”
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