Cryptostrateg sets big price targets for Ethereum-based decentralized exchange protocol
Closely followed cryptoanalyst Michaël van de Poppe looks at an Ethereum-based decentralized exchange (DEX) protocol and sets price targets upwards.
In a new blog post for Eight Global, Van de Poppe says the Injective Protocol (INJ) has tested its main point of resistance multiple times, making the aforementioned supply area weaker and more prone to breakouts.
“The chart itself is self-explanatory as it shows the resistance zone Injective Protocol needs to break through. Thus, the area around $2 is important to break and if it breaks, a big gap opens up towards $3.
Why is there a chance for such a significant race? Simple. The price of INJ has moved sideways since May; therefore, given the current sentiment, the crowd has shorted the asset and everything in crypto. When it breaks out of the high area, which we can see at $2, it will likely accelerate as breakout traders step in to buy the asset.
However, shorts are also being liquidated or stopped out (which are closed by open longs) and there is a large gap in price action towards $3, meaning a significant run of almost 50% is around the corner.”
The analyst’s top target of $3 is currently 54% away from INJ’s current price of $1.94
Another crypto analyst Altcoin Sherpa said last week that he was targeting an entry point near the $1.70 level for INJ before targeting the $2.20 area.
“INJ: buy strength in this market. I’ll buy the next dip on it where it comes and feel comfortable with it. Probably between $1s.”
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