Bittensor & Injective Prices are Ready to Explode—Here is Where They Could Reach in December 2024
As Bitcoin price continues to strengthen and appears to be correcting itself on its way to a significant move towards $100,000, some altcoins have reached the brink of consolidation. Bittensor (TAO) and Injective (INJ) continue to rise, suggesting that strong gains may be coming soon. Additionally, a sharp decline in meme coins could create a broader push for the original altcoin, suggesting that the 2021 bull run could happen again in 2025.
Bittensor (TAO) price could hit $1,000
November rally already bought TAO price It’s back within range after a 40% drop from yearly highs. However, the trend has turned bullish, suggesting that the price may now enter a bullish phase, which could push the price as high as $1,000. Meanwhile, TAO price is expected to rise and secure some important resistance levels, which could provide a solid foundation for further expansion.
As shown in the chart above, TAO price is testing the neckline of a double bottom pattern or a “W-shaped” pattern. During the previous pullback, the Ichimoku Cloud remained bullish and after a shift, this level is about to reverse the bearish trend. This suggests bulls may have returned, but accumulation levels have almost peaked, suggesting distributions could begin at any time. Therefore, a pullback after reaching $700 is very likely.
However, as the coin remains within the bullish sphere of influence, it may remain so for a short period of time and once it gains 1 FIB and 1.2 FIB at $680 and $811, Bittensor price may rise directly to $1,000.
INJ price expected to rise by 50%
The injection price showed a sharp rise towards the end of the first quarter and broke above the $50 level, attracting bearish activity. After bouncing off $16, the price has maintained a sustained upward trend. Furthermore, according to recent reports, massive selling by whales has caused the stock market to fall by more than 7%. Injection price. Nonetheless, prices appear to have recovered from the selling pressure and are therefore believed to remain elevated throughout the remainder of 2024.
The INJ weekly chart shows an intense battle between bulls and bears this week. Meanwhile, the bulls have managed to keep a firm grip on the gains and as a result, the RSI has risen above the average level in the midst of a parabolic recovery. Additionally, DeFi tokens are testing the neckline of a double bottom pattern. Therefore, the possibility of a breakout remains high, which could lift the price to the resistance zone between $43.32 and $43.65, leading to a further break above the $52 ATH.
However, volume remains a major constraint and has yet to reach bull market levels. Until then, the injection price is expected to maintain a consolidating uptrend below the resistance zone.
