In an analysis shared on The chart suggests a robust possibility of a reversal of recent bearish trends, potentially driving the cryptocurrency’s price to modern local highs.
Injection price is preparing to boost
The iH&S pattern, clearly noticeable on the Olszewicz chart, is a pattern respected by technical analysts for predicting a bullish reversal after a downtrend. This pattern can be recognized by three valleys: the middle one (head) is the deepest and is surrounded by two shallower valleys (shoulders) that are approximately similar in depth.
On the chart, the left shoulder forms around mid-April and drops below $23.50. The head is seen in May, dropping to a low near $21.08. The pattern ends on the right shoulder in early June and reaches around $23.90, mirroring the left shoulder.
The neckline, which is a key element of this design, is drawn across the peaks connecting the shoulders and head. On Olszewicz’s chart, this line is located at around $28.70. A break above this neck line is usually interpreted as confirmation of the end of the pattern and an upcoming uptrend. According to the chart, INJ price will soon cross this critical threshold.
The analyst chart also integrates the Ichimoku cloud, which provides a energetic view of potential support and resistance areas. Currently, INJ price is hovering near the lower edge of the red cloud, indicating an upcoming resistance zone that investors can watch closely.
Further enriching the analysis are Fibonacci extension levels drawn from the lowest point of the head to the neck of the iH&S pattern. These levels project potential price targets if a bullish breakout is confirmed. The Fibonacci extension to 1.618 is marked at $34.74, and the more ambitious extension to 2.0 reaches $39.09. These targets represent potential resistance levels at which investors could profit, so they are crucial to 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 provide a comprehensive view. This analysis shows that the price of INJ could boost to $34.74 and even to $39.09, which is an boost of 33% from the current price.
Investors and traders need to closely monitor INJ price developments, keeping an eye on trading volumes and market sentiment that could accelerate or hinder the anticipated upside momentum.
At the time of publication, INJ was trading at $29.51.
Featured image created with DALL·E, chart from TradingView.com
