Injective Price Prepares For Lift-Off
The iH&S pattern, prominently featured in Olszewicz’s chart, is a revered formation among technical analysts for predicting bullish reversals following a downward trend. This pattern is identified by three troughs: the middle trough (head) being the deepest and flanked by two shallower troughs (shoulders), which are approximately of similar depth. On the chart, the left shoulder forms around mid-April, dipping below $23.50. The head is seen in May, dropping to a low near $21.08. The formation completes with the right shoulder in early June, reaching down around $23.90, mirroring the left shoulder.
Further enriching the analysis are the Fibonacci extension levels drawn from the lowest point of the head to the neckline of the iH&S pattern. These levels project potential price targets if the bullish breakout is confirmed. The 1.618 Fibonacci extension is marked at $34.74, and a more ambitious 2.0 extension reaches $39.09. These targets represent potential resistance levels where traders might take profits, hence they are crucial for understanding possible future price movements.
Josh Olszewicz’s reliance on the iH&S pattern combined with other technical indicators such as the Ichimoku Cloud and Fibonacci extensions presents a comprehensive view. This analysis suggests that INJ’s price could escalate towards $34.74 and might even extend to $39.09, marking a 33% increase from the current price.
Investors and traders need to monitor INJ’s price movement closely, keeping an eye on trading volumes and market sentiment which could either accelerate or hinder the predicted bullish momentum.
At press time, INJ traded at $29.51.
