The post Bittensor & Injective Prices are Ready to Explode—Here is Where They Could Reach in December 2024 appeared first on Coinpedia Fintech News
As the Bitcoin price is gaining strength and appears to be self-composed to revamping a decent rally to $100K, some of the altcoins have reached the edge of the consolidation. Bittensor (TAO) & Injective (INJ) coiled up consistently, suggesting a strong rise could be fast approaching. Besides, a considerable drop in the memecoins may offer a wider push to the primitive altcoins, hinting towards a probable 2021 bull run occurring again in 2025.
Bittensor (TAO) Price Primed to Hit $1000
The November rebound has bought the TAO price back within the range after experiencing a 40% drop from the yearly highs. However, the trend has shifted in bullish favor, which suggests the price may now enter an optimistic phase, which may drive the prices as high as $1000. Meanwhile, the TAO price is expected to rise and secure some important resistance levels, which could offer a strong base for further expansion.
As seen in the above chart, the TAO price is testing the neckline of the double-bottom pattern or ‘w-shaped’ pattern. During the previous pullback, the Ichimoku cloud remained bullish, and after a shift, the levels are about to flip the bearish trend. This suggests the bulls have probably entered back, but the accumulation levels have almost reached the peak, which suggests the distribution may begin anytime from now. Therefore, the possibility of a retracement after reaching $700 is pretty high.
However, it may remain for a short time as the token remains within a bullish influence, and once it secures 1 FIB & 1.2 FIB at $680 & $811, the Bittensor price may head straight to $1000.
Injective (INJ) Price Primed for a 50% Upswing
Injective price demonstrated a massive run during the end of the first quarter and smashed the levels above $50, which attracted bearish activity. After a rebound from $16, the price has maintained a consistent upswing. Moreover, according to recent reports, a huge whale sell-off had caused more than 7% drop in the INJ price. Nevertheless, the price appeared to have recovered from selling pressure and hence is believed to remain elevated for the rest of 2024.
The weekly chart of INJ displays a huge battle between the bulls and bears this week. Meanwhile, the bulls managed to hold a tight grip over the rally, and as a result, the RSI, which is in between a parabolic recovery, has raised above the average levels. Moreover, the DeFi token is testing the neckline of the double-bottom pattern. Hence, the possibility of a breakout remains high, which could elevate the levels to the resistance zone between $43.32 and $43.65, pushing it further beyond the ATH at $52.
However, the volume remains the main constraint, which is yet to reach the bull run level. Until then, the injective price is expected to maintain a consolidated ascending trend below the resistance zone.