Crypto analyst David predicts that IMX price will make another 38 percent upward move. Analyst Valdrin Tahiri expects INJ to record an all-time high. Crypto analyst Sohrab Khawas says that a strong bull run awaits SNX. We have compiled analysts’ predictions for these 3 altcoins for our readers.
IMX price prediction: Will the altcoin reach $3 soon?
Immutable (IMX) price has risen since hitting a yearly low of $0.5 in September 2023. During this period, the price broke above a key resistance zone at $1.25. This zone has been acting as resistance for the altcoin since February 2022. Therefore, breaking above this zone indicates that the previous downtrend may have ended and the IMX price may have started a long-term uptrend.
Additionally, IMX has formed 7 consecutive bullish candles on the weekly timeframe. Thus, it indicated a strong bullish momentum. Meanwhile, the weekly RSI (Relative Strength Index) has risen to the overbought zone and is sloping upwards. This supports the potential for further price increases. Therefore, IMX price may continue to rise to the next long-term resistance zone at $2.7, which represents an upside of 38.03% from the current price.
IMX weekly chart. Source: TradingViewINJ price prediction: When will we see ATH?
Technical analysts use Elliott Wave theory to identify repeating long-term price patterns and investor psychology that help them determine the direction of a trend. The most likely count shows Injective (INJ) price is in the fifth and final wave of an upward move that began in June. The altcoin price is approaching $25, which is the first potential target for the top of this move. The target is found by giving the fifth wave 0.382 times the total length of the first and third waves. However, the fifth wave will likely extend as the weekly RSI does not create a downtrend.
In this case, the next resistance will be $36.50. We find this by giving the fifth wave 0.618 times the total length of the first and third waves. A 75% INJ upward move is required to achieve this. This would create a new INJ all-time high.
INJ Weekly Chart. Source: TradingViewDespite this bullish INJ price prediction, failure to close above $25 will mean the top is within. In this case, a drop to the nearest support area at $9.80 would be the most likely scenario. This would mean a 55% decline for the altcoin.
SNX price prediction: Altcoin is eyeing an 80% bull run on the horizon!
Synthetic has witnessed a long-term consolidation in 2023. However, after this, it makes a magnificent comeback like a phoenix rising from the ashes. SNX price is challenging the overhead resistance of the consolidation range by bouncing off the $1.44 support. He is also teasing an upside breakout in Synthetix. However, as the week began as a pullback for the entire market, altcoin sellers seized the opportunity. Thus, it challenged the uptrend. Additionally, with a Doji formation, SNX sellers are standing against the bullish SNX price prediction.
SNX price chart. Source: TradingviewWhile Bollinger bands maintained a solid sideways trend, the bulls waited for the overall market recovery to skyrocket the SNX price. Aided by the Uptober rally, Synthetix market cap increased by 135% in two months to over $4. The probability of the altcoin price rising above the $4 level increases as the overall trend remains positive. Moreover, market sentiment is showing an increase in FUD, which could result in a deeper recovery for Synthetix. According to Fibonacci-based analysis, if Synthetix crosses the 23.60% level, it can rise up to the 50% Fibonacci level this month. In short, a 78% jump in SNX price is possible to reach $7,485. Conversely, an evening star is likely to lead SNX to retest the $4 breakout.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.comWe strongly recommend that you do your own research before investing.
